Harrods (London) has reported a record year with sales rising 9 percent. The department store attributes the results to strong performances from its international brands and womenswear divisions. The company adds that its gross profit margin was in line with last year and that sales had remained “strong” since the year end.
“The adverse impact of the high level of inflation during the year, energy price increases and the sudden fall in the value of the pound seen in the first half of the year has in part been mitigated by a constant focus on costs and margins, including negotiations to hold or reduce costs as inflation subsided in the fourth quarter and beyond,” the company released in a statement.
In 2009, Harrods will complete an 18-month remodel of its menswear floors and continue refurbishing the store’s terracotta facades.