Reiss sales rise 21.9% in full-year results
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Fashion retailer Reiss has reported a 21.9% increase in sales to £227.4m in 2019, compared with £186.5m in 2018.
For the year ended 1 February 2020, Reiss reported a 51.6% increase in EBITDA to £29.3m compared with £19.3m in 2018, while full-year like-for-like sales increased by 21.6%.
Meanwhile, like-for-like sales during the Christmas trading period also increased by 18%.
Reiss attributed the increase in sales to the expansion of international network developing key partnerships with over 60 new stores and concessions around the world, with 18 stores opening in the UK, 17 in Europe, 29 in USA and three in APAC, bringing the total number of stores to 234.
Christos Angelides, chief executive, said: “2019 was an excellent year for Reiss on all metrics and represents the culmination of driving Reiss through two years of transformation.
“We continued to invest heavily in the design, styling and quality of our collections. Customers have noticed the improvements by purchasing more clothes at full price on a like for like basis than ever before. This has had a very positive impact on profits which climbed significantly higher than sales.”
He added: “To date, we have committed to an extra 58 points of sale that will open during 2020. As part of this we will be opening 14 new points of sale on the West Coast of America with Nordstrom and Bloomingdales.”
