E Point Perfect

Reiss reports record sales as profits boom

Reiss reports record sales as profits boom
// Reiss saw record sales and profits last year
// For 2021, the fashion retailer said that group sales rose 50% compared to 2020

Reiss has returned to profit, reporting record sales and profits last year “with momentum accelerating into 2022”.

The fashion retailer reported its financial results for the year ending 29 January 2022, revealing a 50% rise in group sales compared to the previous year.

For the 26 weeks to 30 July this year, group sales were £146.8m, 38.0% higher than the same period in 2021 and 42.7% higher than the pre-pandemic year in 2019.

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The company’s 2021 financial year ran from the end of January 2021 up to 29 January 2022 and it saw total group sales of £256.6 million compared to £170.7 million in the previous year.

Profit before tax and exceptional items was up to £39.6 million from a loss of £3.8 million in the first year of the Covid-19 pandemic. While profit before tax but after exceptional items was £34.4 million, again a swing from a loss of £13.6 million the year before.

International sales hit £81.8m, comprising more than 30% of total group sales and its omnichannel strategy is performing well with its online share close to 50% of sales.

Reiss chief executive Christos Angelides said: “Reiss delivered record sales and profits, despite the retail lockdown closures in the first 10 weeks of the [2021 financial] year. The business has continued to deliver strong growth in the first half of the current year, across both men’s and women’s divisions and we are confident that profits this year will exceed those achieved in 2021”.

He added that the brand moving its e-tail ops to Next Total Platform in February 2022 “has delivered significant improvements in our delivery promise, customer service and returns options. In addition, it has improved stock availability for our retail and online channels, through making all stock available to order from home or in-store”.

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