Reiss expects record profit after strong Christmas

Reiss, which fashion giant Next has a majority stake in, achieved a total group sales uplift of 20.3% in the nine weeks to January 7.

Sales in the second half to the same date rose 16.1%.

Over the Christmas period, store sales rose 18.5%. Over the half, they were up 14.3%.

Online sales climbed 22.3% and 18.3% respectively.

Reiss’ financial year ends on January 28, 2023, and the retailer anticipates that full-year sales will be up 25% year on year, reaching a record level and delivering record profit.

Reiss reported that it is well positioned to continue to perform strongly, despite challenging retail conditions, as a result of the strength of its brand, which is also growing internationally alongside the development and extension of ranges and “a market-leading retail and online platform”.

Chief executive Christos Angelides said: “Reiss has continued to perform strongly over the Christmas period, reflecting the underlying levels of growth experienced throughout 2022. Sales were strong across all product categories, in all territories and across all channels.”

Next originally invested in Reiss in 2021 and subsequently upped its holding to 51%. 

Following Next’s investment, Reiss moved its online operations, warehouse, distribution and logistics to Next’s third-party ecommerce Total Platform.

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