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Reiss ‘refresh’ fuels strong sales

Premium brand Reiss has reported a 8.3% sales increase to £186.3m and a 21.3% rise in EBITDA to £19.3m for the year to 2 February 2019.

Reiss CEO Christos Angelides credited the results, in part, to a refreshed brand and product offer across stores and online.

Like-for-like sales for the period grew by 13.2%, and there was a strong performance over the Christmas season. Like-for-like sales in the eight weeks to 5 January 2019 rose by 19.1%

During the year, the business reduced its promotional activities to improve margins. It also invested in omnichannel infrastructure and operational capabilities, including the implementation of RFID (radio frequency identification) technology in UK stores to improve multi-channel stock transparency.

Commenting on the results, Angelides said: “The initiatives we put in place to refresh the brand and product offer, both in store and online, have resonated well with our customers.

“Last year, we continued a programme of investment across all areas of the business that specifically focused on upgrading the design and quality of the Reiss product offer. This, coupled with operational improvements, has delivered a step change in performance.”

He noted that despite a strong start to the new year, with group sales for the 10 weeks to 13 April 2019 up by 27.9% to £36.5m, the retail environment remains a challenge.

“Early sales from the Spring Summer ‘19 collections have maintained the positive momentum that built towards the end of last year, reflecting our drive to unlock the brand’s potential,” he said. “However, I am conscious that the retail environment remains subdued and we will not be complacent as we continue in our work to create beautiful, timeless clothes for Reiss customers.”

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