Karen Millen enjoys buoyant Christmas trading
Womens fashion retailer Karen Millen has reported a strong trading performance over the Christmas and New Year period as global sales including franchise operations climbed by 10%.
In the three weeks to 4 January, like-for-like sales in the UK and Ireland increased by 12%. There was also a strong performance in continental Europe with like-for-like sales in Spain rising by 25% and by 22% in France. In Denmark sales grew by 16% on a like-for-like basis.
The retailer said that other international markets had also seen buoyant trading. This included Australia where like-for-like sales increased by 7%. International sales now account for 65% of Karen Millen global sales.
Sales growth was seen across all of the retailer's categories and there were also good margin improvements due to higher full price sales.
Karen Millen chief executive Mike Shearwood said: “It is a great endorsement of the desirability of our products and our strategy to maintain full price sales by offering a higher level of product exclusivity right through to Christmas, despite the competitive environment we are in, and the challenging economic times for customers.
“This is one of Karen Millen’s most successful trading periods to date and puts us in a very strong position to deliver further growth. We have spent the last year investing heavily into the business and its infrastructure and we are hugely excited about the future as we continue to invest.”
Shearwood said the company was making good progress towards its target of operating from at least 400 stores in 2014 and in adding new countries to its current list of 58 markets. He added: “Our aim is to have global flagship stores in the major fashion capitals of the world supporting our full price trading stance. We believe we are very well placed to capitalise on the international growth opportunities ahead.”
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