River Island pays 100 million pounds dividend
5 Oct 2015
The strong rise in sales has resulted in high-street retailer River Island owned by the billionaire Lewis family paying a 100 million pounds dividend (151.8 million dollars). However, the amount is said to have been reinvested in the company.
River Island’s foray into the kids’ wear business with River Island Mini in April 2014 led the company to report 70 percent jump in profits. The company had said that its profits increased to 149.1 million pounds (226.5 million dollars) against 88 million pounds (133.7 million dollars) last year.
CEO Ben Lewis said that the investments River Island made last year in expanding retail presence and strengthening technology led to a 48 percent increase in mobile traffic to the River Island website and 32 percent jump in click and collect sales.
The company expanded its presence into South America and opened its first stores in Santiago, Chile, and Lima, Peru, recently. Last year River Island opened stores in Estonia, Malta, the Philippines and South Africa. It is also further expanding in the UK, Sweden, Holland and the Middle East.