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Profits up at Kurt Geiger

Kurt Geiger’s pre-tax profits rose 15% to £26m in the year to 27 January 2018, despite a dip in revenues.

The footwear firm’s revenues fell 3.9% year on year to £324m, however, it said the results were skewed by 2017’s 13-month reporting period.

Once adjusted for the 13-month reporting period, Kurt Geiger had an estimated revenue growth of 4.2% – above the trend for the footwear sector, according to analyst GlobalData.

Operating profits were up 11.8% to £24.6m.

Sofie Willmott, senior retail analyst at GlobalData, said: “The retailer’s reputation for high quality, stylish footwear and accessories has enabled it to remain appealing despite increased competition at the value end of the market.

“Despite a good performance up until January 2018, Kurt Geiger is likely to have suffered since then, considering its reliance on department store retailers.

“Although luxury department store retailers, such as Selfridges and Harrods, in which Kurt Geiger is present, continue to report strong trading as their unique store environments draw in crowds, midmarket players have had a terrible 2018 so far.”

Oasis customer director Briony Garbett is joining Kurt Geiger this month as global brand and customer experience director.

 

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