Luxury Footwear Retailer’s Expansion Plans on Hold Due to Covid-19
- Kurt Geiger reports pre-pandemic growth
- Revenues and profits increased
- Turnover rose to £347m, a 3.7% year-on-year increase
- Operating profit grew from £24.2m to £29.7m
- Full-year EBITDA up 11.5% to £40.2m
- Growth in difficult retail environment
- Expansion plans put on hold due to Covid-19 crisis
- Only one store added globally during pandemic
- Digital platforms continue as usual
Luxury footwear and accessories retailer Kurt Geiger has reported pre-pandemic growth in both its revenues and profits. The company’s turnover increased by 3.7% year-on-year, reaching £347m for the year ended 1 February 2020. Operating profit also grew from £24.2m to £29.7m, while full-year EBITDA rose by 11.5% to £40.2m. The growth was achieved amidst a difficult retail trading environment marked by uncertainty over Brexit and political turmoil. Despite the positive results, Kurt Geiger’s expansion plans have been put on hold due to the ongoing Covid-19 crisis, with only one store added globally. However, the company remains committed to its strategic plan, focusing on developing its brand and offering partnerships and platforms to customers through digital channels.
Factuality Level: 8
Factuality Justification: The article provides accurate information about Kurt Geiger’s pre-pandemic financial performance and acknowledges the impact of the pandemic on its growth. It also mentions the company’s plans for future development despite the slowdown in expansion.
Noise Level: 3
Noise Justification: The article provides relevant information about the company’s pre-pandemic growth and its acknowledgement of being impacted by the ongoing crisis. However, it lacks in-depth analysis or exploration of long-term trends or possibilities, accountability, scientific rigor, and actionable insights.
Financial Relevance: Yes
Financial Markets Impacted: Kurt Geiger’s stock and the luxury footwear and accessories industry
Financial Rating Justification: The article discusses the company’s financial performance, including revenue, profits, and its impact from the pandemic on its growth and expansion plans.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article. The text discusses the company’s pre-pandemic growth and its impact on sales during the pandemic, but it does not describe an extreme event that happened within the last 48 hours.
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