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Clothing & Shoes

Reiss swings to £13.6m FY21 loss

The group also reported a 24.6% year-on-year fall in revenues to £170.7m for the 52-week period ended 30 January 2021

British fashion brand Reiss has announced that it swung to a loss before tax after exceptional items of £13.6m in FY21, down from profits of £20.1m the year before.

The group also reported a 24.6% year-on-year fall in revenues to £170.7m for the 52-week period ended 30 January 2021.

Reiss claimed that these exceptional items resulted directly from the pandemic, with store onerous lease and asset provision of £3.7m and stock and fabric provisions of £3.2m comprising the bulk of the total £9.8m figure.

Christos Angelides, chief executive at the company, said: “Reiss has recovered strongly from a challenging 2020, and the creation of our new casual collections has proved successful with our customers.

“As the impact of the pandemic recedes and the economy recovers, we are also seeing a strong return in sales of occasion and formal wear – our speciality since 1971.”

Since the period end, the fashion retailer has reported a 52% year-on-year climb in revenues for the 30 weeks ended 29 August 2021.

Despite including 10 weeks of closed shops as a result of the pandemic, the period’s £124.2m in revenues also represents an 8% rise on pre-pandemic levels.

In turn, the group has announced both the launch of a new website and childrenswear collection in the coming financial year.

Angelides added: “We are working closely with Next plc to integrate our logistics and website onto the Next total platform, set to go live in early 2022. I am confident that this partnership will lead to further sales growth, in addition to cost synergies and operational efficiencies.

“Following the success of our adult clothing collections, I am excited to announce that we will launch a childrenswear collection for the first time in Reiss’ 50-year history in October this year and we will also launch a collaboration with Castore Sportswear.”

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