Republic is on track to post record profits after like-for-like sales soared 6.8% over the Christmas period.
The 93-store young fashion chain, which sells brands including G-Star, Bench and Henleys alongside its own labels, said that it expected to achieve a record sales and profit performance at its year end on January 25.
For the 10 weeks to January 4, Republic’s like-for-likes, excluding VAT rose 6.8%. Total sales were up 18.8% to £47 million over the period. Year on year margin was flat.
Republic’s stellar Christmas performance is in sharp contrast to that of its competitors. Both Envy and USC collapsed into administration over Christmas before being bought back by their original owners West Coast Capital and John Kinnaird.
Republic chief executive Tim Whitworth said: “We have adapted well to the changing requirements of our customers and their circumstances. Our complete focus towards our customers and their requirements, our committed and exciting chosen partners and our fantastic customer service team have combined to produce a distinct and compelling offer.”
He added that he expected the challenging environment to continue throughout 2009, but would continue to look for new store opening opportunities. Republic opened six stores last year.
Whitworth added: “We are not immune to these challenges, however, we believe our target market and model to be resilient and dynamic in enabling us to continue to exceed our customers’ expectations and grow market share.”
For the year to January 27, 2008, Republic’s EBITDA rose 30.3% to £17.2m, with total sales up 11.6% to £120.7m.