**London, United Kingdom** – Harrods has reported a strong rebound in its latest financial year, as the impact of the pandemic continues to recede..
The iconic department store, owned by the Qatari royal family, saw its revenue increase by 16% to £2.3 billion in the year to March 25, 2023. This was driven by a surge in international sales, which grew by 30%..
Domestic sales also performed well, with a 10% increase. This was helped by the return of tourists to London, as well as a strong performance from Harrods’ online business..
The store’s gross profit margin also improved, rising from 60.1% to 60.3%. This was due to a better product mix and a reduction in promotional activity..
As a result of these factors, Harrods’ operating profit increased by 20% to £384 million. The store’s net profit also rose, from £221 million to £260 million..
Harrods’ chief executive officer, Michael Ward, said that the store had performed well in a challenging year..
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