The Harvey Nichols Group has reported a 102% jump in EBITDA to £14.7m for the year to March 31, 2018.
The group, which operates stores in London and five other UK cities plus Dublin, reported a 9% increase in revenue to £210m during the financial year – with the retail accrediting this to a strong performance from its revamped Knightsbridge flagship.
Earnings before interest, tax, depreciation and amortisation doubled to £14m after heavy investment in the flagship store.
The department store finished the first phase of its Knightsbridge refurbishment in April when its menswear department was completed, and the second in November 2016 with the launch of a new beauty hall, fine jewellery room and designer accessories hall.
Now the focus is online and omnichanell as the department store warns the high street is still “challenging” despite bucking the department store trend and positing positive results.
Joint chief operating officers, Manju Malhotra and Daniela Rinaldi, commented: “We are extremely pleased to see a strong financial performance last year, and our ambitious Knightsbridge store refurbishment plans have had a positive impact
“However, the retail environment remains challenging and competitive. With this uncertain outlook, we are focused for the remainder of this year on continuing to drive sales and delivering an omnichannel experience for our customers.”
News Source: professionaljeweller.com