Aurora, the fashion group that owns chain including Oasis, Coast and Karen Millen, has posted operating profit of £22.6m in the 11 months since it was launched from the wreckage of the Icelandic financial meltdown.
The retailer, once backed by Baugur and born from the pre-pack administration of Mosaic last year, reported that it had performed “ahead of plan” in its first year and debt reduction is ahead of schedule.
Aurora generated EBITDA of £38.6m on global sales – including from joint ventures and franchising – of £661m in the period to January 30. Debt was cut to £109m. Online sales rose 23% and international turnover was ahead by 10%.
Aurora chief executive Mike Shearwood said: “I am delighted the business has emerged in such great shape. We have built the foundations for future growth and exceeded the targets set when Aurora was founded.”
Over the year, Oasis slashed costs and streamlined distribution. Credit insurance was reinstated in March this year.
In the year, the retailer named Meg Lustman as managing director of its Warehouse business. Steve Price and Gemma Metheringham have become joint managing directors of Karen Millen.