Harrods swings back to profit after Al Fayed abuse compensation
Harrods’s historic store is in London’s Knightsbridge PA Archive Harrods reported that turnover increased by 1.2% to £1.1 billion for the year
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Summary
Harrods’s historic store is in London’s Knightsbridge (James Manning/PA) PA Archive Harrods reported that turnover increased by 1.2% to £1.1 billion for the year. The retailer said it has paid compensation to more than 100 victims from his 25-year ownership of Harrods, with more than 260 people having engaged with its redress scheme. Latest accounts show the historic London department store reported an £84.9 million pre-tax profit for the year to January 31.
Furthermore, Harrods’s previous loss was linked to tough trading conditions and £62.5 million of compensation payments to victims of Al Fayed. Finance chief Geoff Weaver said it represented “further stabilisation and modest growth” for the business, amid headwinds on the global luxury sector. Harrods has rebounded to a profit after compensation payments linked to alleged abuse by former owner Mohamed Al Fayed had driven it to loss last year.
In addition, The latest accounts come after the company was hit by two cyber attacks last year, although the group indicated there was “limited” financial impact.
Cross-referenced from 2 sources.
Factual coreconfirmed by several independent voices
Harrods’s historic store is in London’s Knightsbridge (James Manning/PA) PA Archive Harrods reported that turnover increased by 1.2% to £1.1 billion for the year.
reliability low1/2 sourcesThe retailer said it has paid compensation to more than 100 victims from his 25-year ownership of Harrods, with more than 260 people having engaged with its redress scheme.
reliability low1/2 sourcesLatest accounts show the historic London department store reported an £84.9 million pre-tax profit for the year to January 31.
reliability low1/2 sourcesHarrods’s previous loss was linked to tough trading conditions and £62.5 million of compensation payments to victims of Al Fayed.
reliability low1/2 sourcesFinance chief Geoff Weaver said it represented “further stabilisation and modest growth” for the business, amid headwinds on the global luxury sector.
reliability low1/2 sourcesHarrods has rebounded to a profit after compensation payments linked to alleged abuse by former owner Mohamed Al Fayed had driven it to loss last year.
reliability low1/2 sourcesThe latest accounts come after the company was hit by two cyber attacks last year, although the group indicated there was “limited” financial impact.
reliability low1/2 sources
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