Reiss delivers strongest financial results in the brand's history, and launches on the West Coast of the US
LONDON, March 9, 2020 /PRNewswire/ --
Financial Highlights for the 52 week period ending 1 February 2020:
- Total sales increase of 21.9% to £227.4m (2018: £186.5m)
- EBITDA increase of 51.6% to £29.3m (2018: £19.3m)*
- Full year like-for like sales of +21.6%
- H1 2019 Like-for-like sales of +25.6% and +18.2% in H2
- Like-for-like sales during the Christmas trading period for the 7 weeks to 18th January 2020, +18%
Operational Highlights:
- Continued investment in the design and quality of Reiss products
- Re-energised the brand through content, social and advertising initiatives
- Expanded the international network developing key partnerships with over 60 new store and concession doors opening in the USA, Asia and mainland Europe
- Business now structurally well positioned for long term, consistent growth
Premium British fashion brand Reiss, announces end of fiscal year results in combination with a new advertising campaign that reflects on its origin in 1971.
For the 52 week period ending 1 February 2020, total group sales grew by +21.9% to £227.4 million with EBITDA* increase of 51.6% to £29.3 million.
Christos Angelides, Chief Executive, said:
"2019 was an excellent year for Reiss on all metrics and represents the culmination of driving Reiss through 2 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.
Brand and product improvements need to be supported by strong execution. A step change in the execution of our operations and systems, both online and in the distribution of our clothes, has resulted in Reiss appealing to more customers around the world.
We opened 67 additional points of sale, 18 in UK, 17 in Europe, 29 in USA and 3 in APAC, bringing the total number of stores and points of sale at year end to 234. Internationally, the USA has been a stand out performer where sales and customer feedback have been extremely positive.
Going forward into 2020 we have budgeted on a more conservative basis, but we believe there is significant headroom for the Reiss brand to grow on a scalable and sustainable basis.
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.
We are also seeing strong growth in new customers online which is supported by an efficient customer acquisition model.
I believe Reiss is now structurally well positioned for long term consistent growth. Reiss' foundations are anchored to the legacy of the brand and developed with a modern and fast paced business in mind.
I would like to thank Reiss suppliers, partners and in particular my colleagues who have clearly played a significant role in contributing to the success of Reiss during 2019".
*Please note that the financial results for the fiscal year 2019 are unaudited.
Enquiries:
Jonathan Blanchard, Chief Operating Officer 020 3075 2000
Julie Foster +44 7471 992907
Notes to Editors
The SS'20 collection launched in January 2020, will continue to drop new product into stores and on-line until June this year.
To view the collection please visit: www.reiss.com
Follow Reiss on Instagram at: https://www.instagram.com/reiss/?hl=en
Imagery:
For access to new, high-res imagery download here:
https://we.tl/t-lY8CjYZ6YQ
About Reiss:
Since 1971, Reiss has established itself as the global authority on design-led womenswear, menswear and accessories. With an uncompromising commitment to delivering innovative and original products, it fuses timeless design, quality and value across heritage style, day-to-night dressing and occasionwear. The brand operates via multiple channels including; owned stores, online, wholesale, licensing, franchise and concession with more than 234 locations in 15 countries across the UK, US, EMEA and APAC.
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