Lingerie brand Boux Avenue reports total UK sales increased by 11.2 percent to 49.4 million pounds in its sixth full year of trading in the UK.
In the year ending April 1, 2017, Boux Avenue saw like-for-like growth of 7 percent, which it states was delivered through “continued online success”, which grew by more than 30 percent.
However, the lingerie chain which has 29 UK stores did note the challenging Christmas period, where its like-for-like festive sales declined 2.8 percent for the six weeks to December 24.
Boux Avenue chairman, Theo Paphitis said: “As anticipated and reported, the Christmas trading period as has been the case for most of this year, was ‘hard work’ for many retailers. In all my years I have never seen it so hard and unforgiving where the shopper will punish you if you take your eye off the ball. I am therefore very pleased that we were able to deliver growth as a Group.”
The lingerie chain, which is part of the Theo Paphitis Retail Group alongside stationery retailer Ryman and homeware specialist Robert Dyas, said that its sales growth was supported by continued investment, with the newly built 3 million pound 70,000 square foot warehouse and fulfilment facility in Crewe now fully commissioned, as well as a new website, new offices and a wholesale channel.
Boux Avenue festive sales down 2.8 percent
The company also added that last year it had seen the opening of its 29th store in Oxford and that a “commitment” has been made to open a further store in Nottingham in spring this year, as well as opening its latest franchise store in Prague.
Additionally, it adds that it is continuing to add new channels to develop the Boux Avenue product through other platforms in the UK and Internationally, such as wholesale opportunities with online retailers including Asos, Next and Very.
The series of investments in the brand and its operations lead to the company widening its EBITDA loss by 0.5 million pounds to 2.2 million pounds, compared to a loss of 1.7 million pounds a year earlier.
Paphitis added a stark warning for the industry in 2018: “It is expected that the headwinds for retailers will continue given the economic and political environment we operate in. Despite this, there are and have always been opportunities for retailers that remain relevant and we intend to continue to work hard to achieve continued success. We are cautious, but our investment in the Group is increasing, particularly to support the areas where we see future growth.”
Images: Courtesy of Boux Avenue