Harrods was boosted by the influx in foreign tourists over its last full-year, becoming a rare retail beneficiary of the weakened pound.
The iconic London department store reported that profits rocketed 38.8% to £233.2m while sales jumped 23.3% to £2.1bn in its year to January 2,
The retailer said its performance was particularly boosted by Chinese tourists taking advantage of the fall in sterling.
It joins a coterie of luxury players benefitting from the weakened pound – spending on foreign debit and credit cards jumped 18% in June as tourists took advantage of the effects of Brexit.
Elsewhere today, Debenhams has appointed former HoF executive David Adams to its board and Shop Direct owners the Barclay Brothers are set to scoop £200m from the launch of a £700m Shop Direct bond issue.
Today in numbers
-0.8%
The decline in retail sales volume in September
5%
Wickes’ third quarter sales rise
Tomorrow’s agenda
There are no formal updates tomorrow but look out for The Retail Week, on which we’ll discuss Asos’ full-year performance, Topshop’s merchandising reset and Sainsbury’s decision to axe 2,000 jobs.
Becky Waller-Davies, reporter
No comments yet