Harrods defies gloom to post profits jump
THE shopping haunt of Russian oligarchs and other assorted world billionaires has defied domestic austerity gloom and revealed a healthy upswing in both turnover and profits.
Harrods, owned by Qatar Holding, enjoyed sales of £651.7 million, up 11 per cent, and pre-tax profits of £125.3m, up 15 per cent in the year to 28 January, according to accounts filed at Companies House.
The Knightsbridge store spent £107.8m refurbishing in-store boutiques as well as opening a distribution centre in Reading.
Qatar Holding, which also owns the Shard skyscraper in London, earlier this month announced plans to launch a Harrods-branded hotel chain.
The investment company bought Harrods from high-profile businessman Mohamed Al Fayed for £1.5 billion in 2010.
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