Fashion retailer Phase Eight is ramping up its overseas growth after reporting a 11.9% rise in pre-tax profit.
In documents filed at Companies House, the retailer reported pre-tax profit of £19.8m in the year to February 2. Turnover grew 11.7% to £121.1m.
Phase Eight said the company performed “well” and increased sales, employment and profitability in a “challenging economic environment”.
Following the “success” of its debut overseas stores and concessions in the year, Phase Eight now plans to grow its presence five-fold this year as it aims to operate 50 overseas stores and concessions by the end of 2013.
Phase Eight opened four stores in Switzerland and seven concessions in Germany through its subsidiaries and joint venture partners. It said the launches were a “highlight” of the year.
Retail Week revealed earlier this year that the retailer planned to open seven stores in the United Arab Emirates in February and March, which are not included in the reporting period.
In the documents filed, Phase Eight said: “The customer reaction in our international markets has been very positive, with the remarkable sales densities achieved motivating us to accelerate our opening schedule in these markets and seek new partnerships further afield.”
The retailer also said it wants to open more stores and concessions in the UK. As part of this, Phase Eight opened its first London West End store on James Street in March.
But the retailer eased UK store growth in its last year, as it opened net five stores and 17 concessions, against the previous year when it opened net 11 stores and 36 concessions.
The retailer added that its performance was also due to its attractive product offer across the year, which the retailer has attempted to secure by investing in its buying and design teams.
In addition, it has invested in growing its head office team at all levels which made up the bulk of the £9.6m incurred through administrative expenses.