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Record sales for Missguided but investment hits bottom line

Missguided has posted record revenue for the year to 31 March, with sales jumping 34% to £117m.

The business said expanding its category offering had been key to its growth. Activewear, plus size, petite, tall, denim, nightwear, lingerie and bridal collections all launched within the last 18 months.

The fast fashion etailer said it made “substantial investment” during the year, which hit its bottom line.

EBITDA fell 52% to £2.6m as the business invested in marketing, technology, infrastructure and building the team.

However, the firm said the spend is paying dividends in the current financial year as sales for the six months to 30 September jumped 60% and profits were “significantly enhanced”.

During the year, the business launched strategic wholesale partnerships with Asos and Zalando. It also opened concessions in Schuh, El Corte Inglés and Boyner Group.

It already had three concessions in Selfridges in the UK and is stocked in 60 Nordstrom stores in the US.

Missguided said its “aggressive” marketing campaign was “paramount” to increasing sales. It said social media had been particularly influential in helping to drive the retailer’s client base.

The business now has over 3.3 million followers across nine different channels – including over two million Instagram followers, 995,000 Facebook fans and 399,000 Twitter followers.

Over the past year, Missguided has launched an app, localised German and Polish sites, free UK returns, Apple Pay and new delivery programmes with Asda, Doddle and Collect Plus.

Nitin Passi, founder and chief executive of Missguided, said it was a year of “heavy investment” for the firm: “We continued to develop our systems and platform and made the strategic decision to outsource our fulfilment operation and to invest in a new warehouse and HQ.

“The business further invested in personnel, we increased our product offering and international growth has been strong with 40% of our business this year being driven through international markets. We continue to invest in our omnichannel offering with the recent launch of our first flagship store.”

Last month, the retailer opened its first store in Westfield Stratford City. The shop is the first in the pipeline of store openings in the UK and the brand is currently in the process of exploring opportunities internationally.

 

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