Operating profit sat at 167.7 million pounds, taking a 17.2 percent plunge from last year’s 202.7 million pounds.
Group Ltd. show that the retailer’s operating profit dropped by 17.2 percent in the 52-week period ending February 2024. Courtesy
Harrods said the decline in operating profit was due to the company’s pension buy-in with Scottish Widows Ltd. as they bought an insurance policy from the life insurance and pensions company.The decline also resulted in managing director Michael Ward’s salary falling to 2.1 million pounds versus the 2.3 million pounds the year before.However, the company recorded an 8 percent increase in turnover to 1075.1 million pounds, an 81.1 million pound boost from the previous year.
The business applauded itself for its turnover, saying that “2023 was a year of good financial performance for Harrods, reflected in our sustained and robust growth that reaffirms our leading position inretail,” a Harrods spokesperson said. “Our results reflect our continued commitment to exceptional customer offerings and ongoing investment across the Knightsbridge store, our online platform and across the U.K. and internationally.”industry in 2023.
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