River Island posts decline in annual sales and profit

For the 52 weeks ended December 30, 2017, River Island Holdings Limited reported a turnover of 944.5 million pounds (1,242.5 million dollars) compared to 970.5 million pounds (1,276.6 million dollars) or 943.6 million pounds on a like for like 52 week basis in the previous year. Operating profit for the year was 80.6 million pounds (106 million dollars) against 135.7 million pounds (178.5 million dollars) or 125 million pounds on a like for like 52 week basis in 2016.

Commenting on the company’s annual trading, Ben Lewis, CEO of River Island, said in a statement: “Against a challenging backdrop for retail, we have continued to perform well, reflecting strong execution by our team. Our investment in the business for the long term remains unchanged. We are excited about the new opportunities ahead for our iconic omnichannel brand.”

The company said that the year was marked by the strong multichannel performance, continued expansion of product ranges, launch of new homeware category and extension of River Island’s store portfolio.

River Island, founded in 1948 in London by the Lewis family, operates 326 stores worldwide, with outlets in 12 countries.

Picture:Facebook/River Island