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Profits slip at Reiss amid international expansion

Operating profits at Reiss slipped to £15.2m in the 52 weeks to 28 January 2017, down from £17.3m the year before, as the premium retailer invested heavily in new international stores.

Total sales increased by 13% from £145.2m to £164.5m during the period.

Reiss opened new stores in US, Canada and Australia over the past 12 months and also launched a new ecommerce platform.

At the end of the period, Reiss was trading from 179 points of sale in 17 countries, up from 160 in 2016.

Former Next group product director Christos Angelides was appointed chief executive of Reiss as part of a “planned succession process” in February this year. He succeeded founder David Reiss, who remains chairman. Karl Doyle, former Marks & Spencer, Mothercare and Next director, also joined Reiss as a group trading director in October.

Reiss said: “Reiss continues to grow and develop benefitting from our excellent product offering together with domestic and international expansion. With a new chief executive in place and a strengthened management team, we look forward to continuing to invest in the business in order to position it for further growth and development.”




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