Harrods has announced its latest financial results, revealing that as of the end of February this year, its revenue increased by 8% to 1 billion British pounds ($1.25 billion), up 81.1 million British pounds ($101.3 million) from the previous year. However, operating profit dropped significantly by 17.2% to 168 million British pounds ($209.9 million), down from 203 million British pounds ($253.6 million) the previous year. The sharp decline was attributed to the purchase of an insurance policy by its pension fund trustees from Scottish Widows to cover pension liabilities. Harrods noted that the luxury market has become more challenging this year, with luxury groups like Burberry and Kering issuing profit warnings, and retailers such as Harvey Nichols, John Lewis, Fenwick, and House of Fraser also facing difficulties.