The Oasis and Warehouse Group has reported a 20% increase in EBITDA to £11.5m, for the 53 weeks to 2 March 2019, despite difficult market conditions.
Total sales at the group were up 6.5%, compared with £293.2m in 2017/18. Online sales for the period were up 17%, and now represent 30% of the total.
Like-for-like sales for the 52 weeks to 2 March were up 0.2%, and total turnover was down by 2% driven by the planned closure of 11 unprofitable stores.
During the year Warehouse completed its turnaround strategy and returned to profitability on a full-year basis. The retailer said this was driven by a product proposition that resonated with existing customers, and a brand strategy that has engaged new customers. Online sales at Warehouse jumped 21% during the year, and the brand reported “significant” wholesale and international growth.
Oasis opened five new “local” stores in Dorchester, Haslemere, Ilkley, Ringwood and Tenterden during the year, and further openings are planned for 2019/20. The retailer said it built on the success of its product extensions, including its bridesmaids and curve collections during the year.
Oasis also opened five shop in shops in branches of Sainsbury’s supermarkets.
As of 2 March, Oasis operated 323 owned stores in the UK and Ireland, comprising 81 branches and 231 concessions. Warehouse operated 252 owned stores in the UK and Ireland, comprising 28 branches and 212 concessions.
Hash Ladha, CEO of Oasis and Warehouse Group, said: “Headwinds and structural challenges will continue to impact UK retailers. These, coupled with the uncertainty of Brexit, will continue to have an effect on consumers’ spending behaviour ,making the trading environment difficult.
“I believe that we have two well-invested, innovative brands, which continue to resonate with customers, and continue to remain modern and relevant.
“Whilst we do not expect conditions to materially improve in the medium term, our continued focus on efficiencies, combined with our strategy to continuously drive product innovation, brand and customer experience positions us well for the future.”
Earlier this month Oasis and Warehouse Group bought online retailer The Idle Man, marking the retail group’s first foray into the menswear market.