Fayed awards himself £72m dividend

The owner of Harrods, Mohammed Fayed, has paid himself and his family a £72 million dividend as sales of luxury goods increased. Sales for the year came in at £513.5 million, up from £492.3 million the year before, pre-tax profits gained 17 percent to £22.3 million. Sales of fine jewellery rose 11 percent, women’s wear sales gained 9.3 percent and beauty products climbed 7.8 percent.

Last year, Fayed paid himself a £39 million dividend, signifying a marked increase in his payout this year. Still, the company claims that refurbishments are on track and investments “running into the tens of millions.” Contrary to expectations, the London bombings had little effect on the results, despite the fact that Harrods is a major tourist destination. Fayed said he was “excited about the prospect of a very successful year with our key Christmas and January sale periods still to unfold.” The strong results run contrary to the overall retail market, with experts predicting a tough trading environment over the holidays. However, analyst Richard Ratner at Seymour Pierce said that the luxury goods sector was proving more resistant to a downtown.

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