×
67 512
Fashion Jobs
ROSS STORES
Security Engineer i (Network Security)
Permanent · Dublin
MACY'S
Asset Protection Security Guard, Santa Anita - Standard Part Time
Permanent · Arcadia
MACY'S
Asset Protection Detective, University Square - Part Time
Permanent · University Heights
MACY'S
Asset Protection Detective, Montebello Town Center - Part Time
Permanent · Montebello
MACY'S
Asset Protection Detective, Hillsdale - Full Time
Permanent · San Mateo
MACY'S
Asset Protection Detective, Los Angeles dt Broadway Plaza - Full Time
Permanent · Los Angeles
MACY'S
Asset Protection Detective, Santa Anita - Standard Part Time
Permanent · Arcadia
MACY'S
Asset Protection Officer, Hayward - Part Time (3840)
Permanent · Hayward
MACY'S
Asset Protection Detective, Shoppes at Buckland Hills - Full Time
Permanent · Manchester
MACY'S
Asset Protection Detective, Micronesia - Part Time
Permanent · Dededo
ATHLETA
Assistant General Manager - Town & Country
Permanent · Palo Alto
BERGDORF GOODMAN
Chanel Business Manager
Permanent · New York
NEIMAN MARCUS
Sales Manager - Designer Handbags & Accessories
Permanent · Austin
NORDSTROM
Asset Protection - Agent - Downtown Seattle Rack
Permanent · Seattle
BLOOMINGDALE'S
Asset Protection Detective, Full Time - ny 59th st
Permanent · New York
ESTEE LAUDER
Keyholder - Cosmetics Company Store - 40 Hours - Camarillo Premium Outlets - Camarillo, ca
Permanent · Camarillo
MACY'S
Asset Protection Detective, Fayette Mall - Full Time
Permanent · Lexington
NORDSTROM
Area sc Manager 2
Permanent · San Bernardino
NORDSTROM
Assistant Manager- Operations- King of Prussia
Permanent · King of Prussia
NORDSTROM
Inventory Control Specialist - 1st Shift (Sun-Thurs) - Newark, ca
Permanent · Newark
NORDSTROM
Assistant Manager - Operations - Keystone
Permanent · Indianapolis
NORDSTROM
Business Analyst 2 - Store Operations
Permanent · Seattle
Published
Dec 28, 2021
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Harvey Nichols sales fall, losses grow, but it raises fresh funding

Published
Dec 28, 2021

Harvey Nichols saw its sales plummeting in the year to the end of March with a drop to £121 million from a pre-pandemic £222 million. And its post-tax losses grew to £38.6 million from £15.5 million in the previous year. Losses on an EBITDA basis reached as high as £28.1 million, much worse than the mere £1.1 million loss of the previous year.


Harvey Nichols



This came as the company endured a year of enforced store closures due to lockdowns. And even when stores were open, cautious consumers and a social backdrop of wedding, event and party cancellations meant its luxury fashion offer stayed on the shelves.

The company operates eight luxe department stores in Britain and Ireland as well as six international stores.

Those stores are usually magnets for the many tourists in the cities in which it operates, as well as for local luxury fashion fans. But closures that ran to almost eight months out of 12 were devastating and online sales could never plug the gap, its CEO said.

Yet the company's owner Dickson Poon remains "supportive" of the business and a loan of £66 million that it secured has helped to guarantee its future. Some £26 million of that came from the owner, while it also has a £5 million overdraft facility (currently unused) and a new £35 million five-year term loan. Plus it took advantage of the government furlough money to the tune of more than £13 million.

It also sells via Farfetch and Ocado and has strong relationships with these tech platforms.

CEO Manju Malhotra said that the company has focused on controlling its costs and cash flow during the period and invested in IT and its webstore to help push up online sales. The company has also added new categories, with the recent addition of kidswear.

And investment in technology is continuing with a new customer rewards programme due to launch at the end of next month, while a transactional app is also due soon.

Copyright © 2022 FashionNetwork.com All rights reserved.