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Reserved sets UK store sales target

reserved aw17

Fast fashion Polish label Reserved has set out a five-year PLN100m (£21.2m) sales target for its Oxford Street store.

The shop at 252-258 Oxford Street opened in early September alongside its UK website launch.

The retailer did not reveal current sales for the store but it said that within the first few weeks of opening, daily footfall numbers reached between 4,000-5,000 visitors, rising to 6,500 on Saturdays.

Parent group LPP also outlined aims to set up a new ecommerce logistics centre in the UK as well as one in south-east Europe.

UK orders are currently fulfilled by the group’s ecommerce centre in Stryków, Poland, which was set up in partnership with German service company Arvato earlier this month.

Przemysław Lutkiewicz, CFO at LPP, said:“LPP’s focus on quality, accessibility and building our e-commerce offering has paid off, and we remain confident in our ambitions for further growth, particularly in the UK with our flagship brand Reserved.”

LLP’s third-quarter results showed how it had moved from a PLN6.5m (£1.38m) net loss in the third quarter of 2016 to PLN85.1m (£18m) net profit. Revenue at Reserved climbed to PLN825m (£175.4m) for the three months to 30 September, up 25% year on year.

Total group revenue stood at PLN1.81bn (£384.8m), up 21.8% on the same quarter last year. EBIT soared to PLN103.1m (£21.9m), from just PLN4.8m (£1m). 

The group aims to continue double-digit revenue growth for 2018. However, it recognised potential obstacles, including a proposed ban on Sunday trading in Poland, and unfavourable foreign exchange trends against the US dollar, euro and Russian rouble.

Drapers previously revealed that Reserved was in talks with “major” shopping centres in London for a second UK store, including Westfield London and Westfield Stratford City, alongside plans to plant flags in Italy and France.

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