Reiss has posted a jump in full-year profits and sales as the luxury fashion retailer’s three-year turnaround plan bears fruit.
The retailer’s pre-tax profit surged 55.9% to £17.8m during the year ending January 31, 2016, according to documents filed at Companies House.
Reiss reported a 24% spike in EBITDA before exceptional items to £24.7m on sales of £124m – up from £111m the previous year.
The fashion specialist has been focusing on “driving organic growth” through its stores and ecommerce, while creating a more “streamlined” management team.
Reiss said it had “exceeded” profit expectations following the strategy and would now turn its attention to international expansion and extending its range.
Despite pulling out of Russia due to the volatility of the market, the retailer plans to open 26 new international stores and concessions during its current financial year, as well as six new shops in the UK.
Its new concept store, which launched at Heathrow Terminal 5 during the year, will be rolled out to new shops and “key stores” across its portfolio.
Reiss said a new three-year plan was being put in place “to realise its full potential as a global brand”.
It marks a stark contrast to trading three years ago, when the retailer slumped into the red after investing heavily in its online business and overseas markets.
Reiss founder David Reiss raised more than £100m by selling a majority stake in the business to private equity firm Warburg Pincus back in April.
Much of the investment will be used to step up expansion plans in North America, Asia and Australia.