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Profits jump at Oasis and Warehouse

Sister brand Oasis and Warehouse’s joint EBITDA increased 48% year on year to £9.5m, underpinned by a strong digital performance at the group.

Total sales edged up 0.1% for the year to 24 February to £275.2m, while like-for-like sales were up 5% for the year.

Digital sales for the period also grew 20%, and online now represents one-quarter of all sales.

The retailer said Oasis’s strong product proposition and brand identity continued to drive growth, and that the transformation of its store portfolio was crucial to its improved performance. Following a successful “local store” trial in Farnham, Oasis has opened a further five stores in the same format in market towns. During the year Oasis launched bridesmaid and curve collections, as well as a new homeware range, through a licensing agreement comprising bedding, curtains, wallpaper and occasional chairs. Further launches are expected imminently in new product categories including diffusers and candles, stationery, luggage, beauty and bath gifting, and tableware.

Warehouse, meanwhile, returned to profitability in the second half of the financial year after closing 15 unprofitable standalone stores. The business continues to focus on wholesale and international growth, and has repositioned its product to resonate better with its target customer.

The group declined to release separate figures for each brand.

Liz Evans, CEO of Oasis and Warehouse Group said: “Despite the ongoing challenges within the retail environment, I am pleased with the growth the Group has achieved during the last financial year.

“Oasis has reinforced its position in the market and delivered another solid performance, and we continue to invest in both the digital channels and new local stores. Warehouse’s turnaround journey is continuing to forge ahead.

“The market remains challenging, with low consumer confidence, the uncertainty around Brexit and structural changes in the sector. We have maintained momentum into the current financial year but nonetheless we remain cautious given external factors,” she added.

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