Oasis and Warehouse profits rise despite ‘challenging retail environment’
Oasis and Warehouse group posted “strong growth” in sales and profits during its full-year results, the first since new chief executive Hash Ladha was appointed last October.
The fashion retailer’s total sales increased 6.5% to £293.3m during the 53 weeks to March 2. Despite “difficult market conditions” the group’s operating profit increased 35% to £0.9m and EBITDA jumped 20% to £11.5m during the period.
The group registered a 17% increase in EBITDA on a 52 week like-for-like basis and total like-for-like sales were up 0.2% for the same period - excluding the 53rd week. Total turnover dropped 2% driven by the planned closure of unprofitable stores.
Total online sales during the period were up 17% for the group, with online now representing 30% of overall sales.
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