Premium footwear retailer Kurt Geiger saw earnings rise despite its reporting period being cut by one month.
Kurt Geiger reported an EBITDA increase of 4.57% in the 11 months to December 31, 2011 as it switched its financial year from ending in January, following its acquisition by US retail giant Jones Group.
Earnings before interest, tax, depreciation and amortisation for the 11 months to end-December rose to £19.6m, compared to £18.7m for the year to end-January 2011.
Sales in the shortened reporting period were down by 1% compared to the prior year, but were up 10.2% against the comparable 11 month period to £183m.
In results filed at Companies House, the footwear retailer said turnover was driven by both like for like growth and the opening of additional outlets.
Kurt Geiger’s current store portfolio comprises 65 standalones in the UK, Middle East, mainland Europe and the USA. It also operates roughly 100 concessions in a number of premium department stores and department store chains including Selfridges, Liberty and Harrods and stocks third-party premium footwear brands including Gucci, Prada and Jimmy Choo.
Under the agreement, Kurt Geiger has partnered exclusively with Vince Camuto and its associated VC Signature and Jessica Simpson brands in the United Kingdom, Ireland and Germany.
The retailer also teamed-up with footwear designer Manolo Blahnik in February of this year to create and manage boutiques within the footwear departments it operates in Harrods and Liberty.
In June 2011 Kurt Geiger was acquired by US retail group Jones Group for £215m.