Kurt Geiger EBITDA soars 21%
Premium footwear business Kurt Geiger reported that full-year EBITDA rose 21% to £12.1m, bucking the retail downturn.
The private equity owned retailer reported a 7% rise in like-for-like sales over the year to January 31, 2009 and total sales were up 15% to £161.6m.
Trading during the first six months of 2009 has continued in positive like-for-like territory, according to the business and EBITDA has continued to grow at the same rate as it did in 2008.
Kurt Geiger chief executive Neil Clifford said: “2008 was a very strong year, it demonstrated the company’s underlying resilience and diversity in what was a difficult economic environment by delivering consistent growth in both sales and profits across each trading quarter.
“While the economic outlook continues to look uncertain, 2009 will build upon this resilience as the business is well positioned to take advantage of opportunities to both win and grow market share. This expansion combined with our current trading should ensure the business maintains growth at its current levels.”
The chain opened five Kurt Geiger stores and seven concessions over the year and is to open a further 12 Kurt Geiger stores by the end of this year.
Clifford said that over the period the chain had notched up a strong trading performance in department stores Harrods, Selfridges, House of Fraser, Liberty, Fenwick and John Lewis.
During the year, Kurt Geiger’s licensing and Middle East franchising business continued to grow, with both trading ahead of expectations.
In February 2008 Graphite Capital boughtKurt Geiger from Barclays Private Equity for £95m.