Kurt Geiger reports pre-Covid uptick in sales and profits

Kurt Geiger saw its sales and profits edge up in the year to 1 February 2020, just before the pandemic took a grip on the global fashion industry.

Sales at the luxury British footwear and accessories retailer increased 3.7 percent to 347 million pounds in the year, according to accounts filed at Companies House.

The retailer said these figures were “pleasing in light of the wider subdued retail trading environment with factors in the UK specifically” such as Brexit uncertainty.

The company achieved total like-for-like retail growth of 3 percent, and a stronger level of growth in Kurt Geiger fronted fascias of 7.2 percent on a multi-channel basis.

FY21 to be ‘materially impacted’ by the pandemic

EBITDA increased 11.5 percent to 40.2 million pounds for the year, while operating profit was up 22 percent to 29.7 million pounds, which included one-off international expansion costs and incremental costs associated with the launch of a new warehouse management system.

The company closed the year with cash reserves of 18.1 million pounds.

While the retailer didn’t reveal any figures relating to the current fiscal year, it did say it expects FY21 revenue and profitability to be “materially impacted” by the pandemic.

CEO Neil Clifford said the company is “committed to emerging from the pandemic a stronger and new meaningful brand that has much closer connections to our much-valued customers, employees and suppliers”.

Photo credit: Kurt Geiger

 

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