Reiss reports record results after product investment
British fashion brand Reiss bucked the retail trend to report record-breaking results this morning.
Earnings before interest, tax depreciation and amortisation soared 51.6 per cent to £29.3m in the 52 weeks to 1 February.
The retailer said improved product quality has translated into more full-price sales, boosting profit.
Full-year like-for-like sales jumped, driven by a surge in the first half of the year. Meanwhile, like-for-like sales over the crucial Christmas trading period were 18 per cent.
The high street brand opened 67 new branches during the year – 18 in the UK, 17 in Europe, 29 in the US and three in APAC – bringing the total number of points of sale to 234.
The US was a “stand out performer” during the period, and Reiss has committed to opening 14 concession branches on the West Coast with department stores Nordstrom and Bloomingdales during 2020.
In total, the company plans to open 58 stores in the year ahead.
Chief executive Christos Angelides 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.”