River Island reports flat annual sales and profit

River Island sales for the year reached 932.7 million pounds (1,210 million dollars), up 1 million pounds (1.2 million dollars) over the year before that, while operating profits declined from 146.6 million pounds (190 million dollars) to 145.8 million pounds (189.2 million dollars).

The Lewis family backing River Island has decided against taking a multi-million pound dividend; so that it can invest the funds in strengthening the company’s technology platform given the challenging retail scenario. Earlier in 2013 and 2014, the three-member Lewis family on the board of River Island had accepted 180million pounds (233 million dollars) in dividend.

River Island ecommerce sales increased 30percent last year and click and collect orders rose 40 percent. The company recently inaugurated a new digital office in Shoreditch and hired 100 new executive to strengthen its online operations. The company operates 292 stores in the UK and Ireland. River Island has also launched a plus-size range and expanded its children’s wear category to boost sales.

Picture:River Island