The retailer's turnover grew from£28.7 million to£34.6 million in the year to January 31, and profit before tax rose from£2.6 million to£5.1 million during the period. Reiss financial director Steven Downes said organic growth helped the retailer to escape the effects of the downturn in consumer confidence towards the end of the year.
Reiss is implementing an expansion strategy in the US and UK. Downes said the key milestone for this financial year was the opening of a US flagship in New York in February. The retailer is also looking at 50 other sites in the US.
Downes said Reiss's like-for-like sales growth compared with last year is in double digits. The retailer said: 'It is now the intention to develop Reiss into a truly global brand that bridges the gap between the mass market and designer brands. Initially, the focus will be to open owned stores in the US and franchised stores in secondary markets, as well as to continue growth in the UK.'
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