Young fashion group Blue Inc expects a strong Christmas trading period after posting soaring full-year profits.
EBITDA at Blue Inc, which is chaired by former Marks & Spencer executive chairman Sir Stuart Rose, advanced 28% to £3.7m in the 2011 calendar year when sales climbed 41% to £79m.
Chief executive Steven Cohen attributed the strong performance to the acquisition of Officers Club, which it bought out of administration in March last year.
The group is on track to hit sales of £110m in 2012.
Since buying Officers Club, Blue Inc has invested £2m into revamping stores and has opened six new shops in the year to date, bringing its total to 62. It has also moved Officers Club away from its discounting heritage.
Cohen said the retailer, which is backed by billionaire investors the Reuben brothers, is “optimistic” about Christmas and aims to win share from its rivals.
He said: “The reaction to our new range is strong and there’s a lot of opportunity to strengthen our position in the young men’s fashion market.”
The retailer, which has long been tipped to launch an IPO, is still mulling options. Cohen said: “While we’re still considering a float, we remain a debt-free business and there is no hurry. Our main focus is delivering a great Christmas.”
The retailer, which now has 200 stores, is pushing ahead with international expansion for its core Blue Inc fascia. It has debuted in countries including Kazakhstan and Ukraine as well as the Philippines. Blue Inc will have at least 15 overseas shops by the end of 2013.