Harrods is back to profits
What: Harrods is back in the black thanks to sales jumping +35% in 2021.
Why it is important: Timing is key: communication about the CEO pay rise might be extremely controversial in these difficult times for the country.
Harrods has made a pretax profit of £51m in 2021 (ending January 2022) after a loss of £68m in 2020, with sales increasing +35% to £582m, thanks to more international customers coming to the UK, including from the Middle East.
The company benefited from furlough support of £23.5m in 2020 and £5.8m in 2021, and reduced its total headcount by 400 to 3.511.
Among controversial decisions taken, the CEO, Michael Ward, had his pay doubled, and the royalties paid to the controlling company (the Qatar Investment Authority sovereign wealth fund) were increased from £23.2m to £33.5m.
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