Losses at Harvey Nichols narrowed as the department store chain continued its sluggish recovery from the coronavirus pandemic.
In what was its “first full year not impacted by Covid restrictions” sales grew 13%, to £216.7m in the year to 1 April 2023.
Despite increased footfall, cost increases and a squeeze in margins saw it post a pre-tax loss of nearly £21.3m compared with £30.4m the year before.
The latest accounts, which were published at Companies House by holding company Broad Gain (UK) this week, add further detail to what was a difficult period for the retailer, which is still yet to fully recover after its stores were shuttered during the Covid-19 pandemic.
Harvey Nichols operates seven UK department stores, as well as a standalone restaurant and four international concessions. Like other high-end department stores, it has also been impacted by then Chancellor Rishi Sunak’s lifting of VAT-free shopping for tourists in 2020.
Last week fashion veteran Julia Goddard was appointed as new CEO, to replace long-serving Manju Malhotra, who left the business in December.
Harvey Nichols declined to comment on the latest accounts.
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