Reiss full year sales increase 8.3 percent

Reiss Holdings Ltd, for the 52 week period ending February 2, 2019, said, total sales increased 8.3 percent to 186.3 million pounds (241 million dollars). Adjusting for the 53rd week in 2017, the company said, sales growth in 2018 was 10.1 percent. EBITDA increased 21.3 percent to 19.3 million pounds (24.9 million dollars).

Commenting on the full year update, Christos Angelides, the company’s CEO, said in a statement: “The initiatives we put in place to refresh the brand and product offer, both in store and on-line, have resonated well with our customers resulting in healthy sales and EBITDA growth for 2018. However, I am conscious that the retail environment remains subdued. We will also be opening 40 new points of sale worldwide to enable more customers to discover the brand. This includes 11 points of sale with Nordstrom in the US as we launch in store after a successful on-line trial.”

In the first half of 2018 like-for-like sales increased 8.8 percent, accelerating to 16.8 percent increase in the second half period. Full year like-for like sales increased 13.2 percent, while like-for-like sales during the Christmas trading period for the 8 weeks to January 5, 2019, were up 19.1 percent.

The company added that reduced promotional activity, with a focus on full price sell through, resulted in margin growth year on year. Reiss opened 20 new points of sale and closed three unprofitable stores during the year under review. The brand was also launched with Nordstrom online in the US for the first time.

The company further said that group sales for the 10 weeks to April 13, 2019 of 36.5 million pounds (47.2 million dollars), increased 27.9 percent to last year with UK like-for-like sales growing 27.6 percent and international like-for-like sales up 38.6 percent.

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Picture:Facebook/Reiss