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Christian Louboutin UK blames Brexit for slow sales

Christian Louboutin UK has reported a 4.8% decline in revenues to £50.2m for the year to 31 August 2018, blaming ongoing Brexit uncertainty.

Gross profit rose 3.7% to £20.7m, which the company said reflected the strong performance of its collections.

Its pre-tax profit was up 9% to £1.2m and shareholders received a £3m dividend. 

The cost of sales decreased from £32.6m in 2016/17 to £29.4m. 

Louboutin UK said in its strategic end of year report: “The UK retail environment remains challenging, both in standalone boutiques and also in department stores.

”The ongoing uncertainty regarding the future relationship of the UK with the European Union, and around the eventual timing of the UK’s departure from the EU, have both contributed to downward pressure on like-for-like sales.”

Directors Bruno Chambelland, Christian Louboutin and Alexis Mourot said they remain confident that the business will return to sales growth in the long term.

Christian Louboutin operates three standalone stores in the UK. It also has shop-in-shops at Selfridges in London, Birmingham and Manchester, as well as Harrods and Harvey Nichols

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