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Oasis returns to profit

Oasis is back in the black for the first time in three years, recording a £5.5m profit after tax for the year ended February 28, up from a £0.6m loss in 2014.

Sales were up by 5.4% and gross profit increased by 12.3%, driven by full-price sales. Operating profit doubled to £5.7m.

International sales made up 19% of the mix.

The high street womenswear retailer’s online sales increased by 32% during the period, and now represent 15% of the total.

Oasis continued to improve its store portfolio, with refurbished stores providing an 18% uplift in sales on average.

Its recently opened flagship on Tottenham Court Road in London offers its first in-store cafe and prosecco bar, as well as a hair and nail art bar.

The wider group, which includes Warehouse, made a profit after tax of £1.1m for the year. Further figures for Warehouse, which is in a period of turnaround, have not been revealed.

As reported by Drapers last week, Warehouse has appointed Hunter creative director Alasdhair Willis to its board to deliver a new brand proposition, brand identity, store concepts and enhanced digital experience. It has also appointed print designer Emma Cook as design director.

Liz Evans, chief executive of Oasis and Warehouse, said: “I am pleased with our progress to date. We have made a number of significant investments in the period focused on new infrastructure, merchandising systems, store refurbishments and continued investment in people. I am confident we now have the right foundations for our brands to continue to grow.”

Oasis operates 406 standalone stores, concessions and franchises, and sells online, employing 1,892 people. Warehouse operates 410 stores, concessions and franchise stores, employing 1,432 people.

Oasis was named Fashion Business of the Year (£101m-£200m turnover) at the Drapers Awards on November 26.

 

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