Kurt Geiger continues to be a standout during the tough economic climate.
The privately owned U.K. retailer, which operates 70 multibrand spaces in department stores and 29 standalone stores, this week announced a 21 percent increase in earnings for the year ended Jan. 31, with 12.1 million pounds, or $19.96 million at current exchange.
“2008 was a very strong year,” Neil Clifford, Kurt Geiger’s CEO, said in a statement. “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,” he added.
The company plans to open 12 more freestanding stores by the end of 2009 and has inked new deals with Brown Thomas in Ireland and department stores such as Fenwick and Debenhams in England.
“Kurt Geiger is an attractive tenant that can probably command good rents at this time,” said Maureen Hinton, lead analyst at Verdict, who attributed the company’s success to good brands, prime locations and high numbers. She added that shoe retailers at the value and middle end of the market are suffering more than those that focus on the premium sector.