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Harrods Posts an Annual Loss on Exceptional Charges

The department store’s profits were dragged into the red by digital investments and a compensation scheme for survivors of historic abuse linked to former owner Mohamed Al Fayed.
Harrods department Store in Knightsbridge in London.
Harrods department Store in Knightsbridge in London. (Getty Images)
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Harrods reported a £34.3 million ($46.2 million) pre-tax loss for its fiscal 2024 as exceptional costs overshadowed otherwise steady trading. Turnover for the full year rose by 0.6 percent, to £1.08 billion ($1.46 billion), compared to 2023.

Exceptional charges include the launch of the Harrods Redress Scheme, which opened in March 2025 to compensate survivors of abuse by former Harrods chairman Mohamed Al Fayed. Over 100 survivors have entered the process, with payments beginning from April 2025.

Managing director Michael Ward said Harrods outperformed the luxury sector as a whole, highlighting ongoing investments in its Knightsbridge flagship, including revamped womenswear spaces and the renovation of The Georgian restaurant. Despite global luxury headwinds, the company remains confident in its long-term growth prospects, he added.

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About the author
Simone Stern Carbone
Simone Stern Carbone

Simone Stern Carbone is Luxury Correspondent at the Business of Fashion. She is based in Zurich and Paris and covers fashion and beauty, with a focus on the dynamic luxury sector.

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