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Reiss trebles profits to £6.9m

Reiss has reported a 331% increase in profit after tax to £6.9m for the year to January 31, driven by full-price and online sales.

Sales increased 13.2% to £111m for the year, while EBITDA almost doubled, up 94% to £20m.

The premium retailer said online full-price sales “grew significantly” both on its own website and on third party sites. During the year Reiss signed up to Zalando and Very Exclusive. It was already available on Asos.

Reiss said it was in its second year of a three-year plan to increase profitability by driving organic growth through both the store network and online. It said it was achieving this with a “streamlined and more effective” management team.

In July it was reported that David Reiss, who founded the business 40 years ago and remains its owner and managing director, had appointed investment bank Morgan Stanley to review options for growing the business internationally. It was mooted that the sale of a minority stake to outside investors for the first time may be an option.

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