- Full-year pre-tax profits slide to £2.6m from £5.4m the prior year
- Boss Stacey Cartwright points to disruption from refurbishment
- Sales flat at £194.5m
Harvey Nichols’ profits have more than halved after its performance was disrupted by a store revamp at its Knightsbridge flagship.
Pre-tax profits slid to £2.6m in the year to April 2, compared with £5.4m the prior year. Sales were flat at £194.5m.
The department store chain’s boss Stacey Cartwright told The Daily Telegraph the results showed the “heat of disruption” from the refurbishment work.
Cartwright implemented the changes at the Knightsbridge store in a bid to put the retailer “back on the map”.
Harvey Nichols’ entire menswear department was closed for 10 months as Cartwright likened the area to a “rabbit warren” before its overhaul.
The retailer’s beauty hall has also been transformed to incorporate manicure and blowdry bars, and a cocktail bar.
Harvey Nichols has six other UK stores. It is also looking to expand in the Middle East to add to seven overseas franchise operations.