Reiss has reported soaring profits and sales for the last financial year, in what the brand described as its “strongest” set of results in its history.
For the 52 weeks ending February 1, 2020, the fashion retailer reported soaring profits with EBITDA leaping 51.6% to £29.3m. The retailer also said total sales increased 21.9% to £227.4m, while full-year like for likes were up 21.6%.
The retailer said like-for-like sales during the seven-week Christmas trading period were up 18%.
During the year, Reiss said its strong financial results had allowed for it to continue to invest in the design and quality of its products, put together new marketing and advertising content and expand its international network.
Chief executive Christos Angelides said the brand would look to open 14 new wholesale locations on the west coast of the US through Nordstrom and Bloomingdales in 2020.
He said: “2019 was an excellent year for Reiss on all metrics and represents the culmination of driving Reiss through two years of transformation.
“We continued to invest heavily in the design, styling and quality of our collections. Customers have noticed the improvements by purchasing more clothes at full price on a like for like basis than ever before. This has had a very positive impact on profits which climbed significantly higher than sales.
“Brand and product improvements need to be supported by strong execution. A step-change in the execution of our operations and systems, both online and in the distribution of our clothes, has resulted in Reiss appealing to more customers around the world.
“We opened 67 additional points of sale, 18 in the UK, 17 in Europe, 29 in the USA and three in APAC, bringing the total number of stores and points of sale at year-end to 234. Internationally, the USA has been a stand out performer where sales and customer feedback have been extremely positive.”
Angelides also said he believed Reiss is well placed for long-term, consistent growth.
No comments yet