Losses at Harvey Nichols narrowed as the luxury department store cum hospitality chain bounced back from the pandemic, according to latest results published by its owner.
Revenues grew 58% to £191.6m (from £121.3m) in the year to 2 April 2022, as shoppers returned to its stores and restaurants following lockdowns, and the growth of its online business.
As a result, losses fell to £31.8m, down from £38.7m, according to the accounts published by its owner Broad Gain UK at Companies House on 27 July.
The group operates seven Harvey Nichols stores across the UK and one in the Republic of Ireland, as well as a standalone restaurant in London. It also has an e-commerce site and six stores in the Middle East and Hong Kong.
The 192-year old chain has traditionally focused on its luxury fashion, however it has been working to expand its food and drink offering, including the redevelopment of its own-label ranges.
In March former Tesco and Fortnum & Mason director Lucy Menendez was appointed to the new position of hospitality food and beverage director to lead the transformation. She is also tasked with “elevating” the department store’s hospitality offering across its in-store restaurants, cafés and brasseries.
The group said Brexit had caused staff shortages and wider impacts across its supply chain. It expects to see a further impact from the government’s decision to drop VAT-free shopping for tourists, which would lead to a loss of international visitors, the chain said.
Earlier this week Harvey Nichols CEO Manju Malhotra urged prime minster Rishi Sunak to reconsider dropping the benefit in an interview with the Telegraph.
“We all benefit from international businesses coming to the UK. The high street, restaurants, museums, they all rely on visitors coming to the UK,” Malhotra told the newspaper on 22 July. “We don’t want to lose another summer.”
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