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Reiss completes turnaround with record sales and profits

Reiss has successfully completed its three year turnaround plan, achieving its “best performance ever” in the year to January 31 with sales and profits up.

Reiss womenswear SS16

Reiss womenswear spring 16

Sales at the high street multiple were up 11% to £124m year on year, while EBITDA before exceptional items increased 24% to £24.7m.

Operating profit for the year was £18.3m, up from £12.1m, and profit after tax was £13.5m, up from £8m in 2014/15.

During the year Reiss directors, including founder David Reiss, were paid dividends of £5.5m.

The retailer introduced a turnaround plan in 2013 to increase profitability by driving organic growth in store and online with a “streamlined and more effective management team”.

The firm said the objectives of the strategy had been “exceeded”, and Reiss will now focus on international expansion and range extension.

The retailer plans to open 40 international stores this year, building on its portfolio of more than 160 stores in 15 countries.

In 2016 the business will open six UK stores and plans to launch its first shop in India with franchise partner Reliance Group.

In the US, it will open two new stores in New York – on Madison Avenue and in the Westfield World Trade Center – and one in Miami. In Canada It will open a store in Yorkdale, Toronto, in October, and is considering other locations and concessions.

In May Reiss opened its first store in Australia in the St Collins Lane mall in Melbourne and its first standalone store in France at the new Polygone Riviera shopping and leisure destination.

The international rollout follows the sale of a majority stake of the business to private equity firm Warburg Pincus in April.

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