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Sales and profits up at Kurt Geiger

Full-year sales and profits at footwear retailer Kurt Geiger were up, despite it taking a £4.1m hit following House of Fraser’s administration.

Sales for the year to 26 January were up 3.1% for the year, to £334.6m. During the period, it had wholesale turnover growth of 100% year on year as it expanded in the US, Europe and Asia.

Digital like-for-like sales were up 14.4% on 2018, and Kurt Geiger opened two new stores and net six concessions during the year. Handbags were the fastest growing area, up 23% in net turnover on 2018.

Operating profit for the year was up 13.4% to £27.9m. This includes the impact of non-recurring items, including £4.1m bad debt incurred following House of Fraser’s administration. Excluding this write-off, operating profit would be £32.1m, up 30% on 2018.

EBITDA, which does not include the cost of HoF-related losses, was up 9.1% to £36m. Profit after tax was £27.6m, up from £22.9m in 2018.

Capital expenditure was £10.8m, up from £9.3m the year before. Kurt Geiger upgraded core systems that support international expansion, as well as growing its ecommerce channel during the period.

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