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.