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Theo Paphitis's Boux Avenue enjoys Christmas sales lift

Lingerie retailer Boux Avenue’s like-for-like sales increased by 8.3% for the six weeks ended December 24, building on a 31.7% rise for the same period in 2014.

Boux ave oxford st 007

Boux ave oxford st 007

Boux Avenue on Oxford Street

Gross margin increased during the period, although it did not provide details.

The firm, now in its fifth year of trading, has 28 stores in the UK including its most central London flagship on Oxford Street, which opened in November last year, as well as 10 overseas.

Former BBC Dragons’ Den star Theo Paphitis, who launched Boux Avenue in 2011, said he was pleased to deliver positive like-for-like sales and improved gross margins despite challenging trading conditions in November and December.

“The development of Black Friday in UK retailing this year was predominantly an online event and had a further effect of disrupting the consumer’s purchasing habits which took time to recover,” he said. “Adding to this the difficult trading conditions, coupled with unseasonal weather, retailers were competing hard for consumer spend with discounting appearing to feature prominently throughout the seasonal trading period.”

He said Boux Avenue had planned its promotions and offers and decided to resist discounting to protect margin.

“[The increases in margin] supports our belief that by delivering good product and customer service, together with convenience, customers will engage with our brands.”

It comes as the retailer announced total UK sales increased 35.5% to £36.5m for the year ended March 28, with like-for-like growth up by 18.9%. Gross profit margins were up 2.7% during the year and EBITDA loss fell to £2.9m from £4.4m the previous year.

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