Harvey Nichols sees sales decline

2021 might have been a turnaround year for many brands and stores after the pandemic, but Harvey Nichols found itself in the red. However, despite a decline in sales and an increase in losses, the store has said they are still prepared to expand and have the cash on hand to do so.

Harvey Nichols reported that their losses after taxes had increased to 38.6 million pounds, up from 15.5 million pounds the previous year. Earnings prior to interest, taxes, depreciation, and amortization totaled 28.1 million pounds, up from 1.1 million pounds the prior year.

Due to the U.K.’s ongoing lockdowns and a decline in tourism, Harvey Nichols bottom line took a major hit. In good news, Harvey Nichols e-commerce performance was strong, although not strong enough to balance out the loss from brick-and-mortar sales.

To help improve its business figures for 2022, Harvey Nichols is focusing on building e-commerce and growing its customer rewards program. The company has also launched an at-home wardrobe refresh service. Their children’s category is also growing as luxury childrenswear continues to be a growing category.