Luxury retailer Harvey Nichols reported a 30% decrease in profits last year as it looks to put an “aggressive refurbishment” in place, which will see the ground floor, which includes accessories and beauty, completed by Christmas 2016.
In the year to 28th March 2015, figures showed that pre-tax profits fell to £19.9million as the luxury market is still facing pressure and growth in China is sluggish. The flagship store also reported that sales fell 2.4% to £92.5million, however online sales increased by nearly 27% to £11.1million.
Commenting, the company said: “We anticipate that the trading climate for luxury retail will continue to be uncertain and as such retailers need to work even harder to stand out and deliver a strong, differentiated and compelling customer proposition.”
Stacey Cartwright, chief executive at Harvey Nichols and ex finance director of Burberry, said: “We are well advanced now on our exciting journey to revitalise the Harvey Nichols brand with a significant investment programme in technology, our physical stores, our digital channel and in our people to create a differentiated and compelling customer offer for Harvey Nichols.”
