Reiss reports record 2021 sales as it swings to profit

Upmarket British brand Reiss made record sales last year as it returned to the black.

In the 12 months to January 29, the London-based label posted a 50 percent increase in sales to 256.5 million pounds.

International sales of 81.8 million pounds comprised over 30 percent of total group sales during the period.

The company also said it saw an increasingly equal split between womenswear and menswear sales, which represented 57 percent and 43 percent, respectively.

The company swung to a profit before tax and exceptional items of 39.6 million pounds from a loss of 3.8 million pounds a year earlier.

Its profit before tax and after exceptional items came in at 34.4 million pounds from a loss of 13.6 million pounds.

Reiss CEO Christos Angelides hailed the strong results “despite the retail lockdown closures in the first 10 weeks of the year”.

Current trading remains strong

Angelides added that the positive trading has continued into the current year across both menswear and womenswear.

For the 26 weeks to July 20, sales of 146.8 million pounds were 38 percent higher than the previous year and 42.7 percent higher than the pre-pandemic year in 2019.

Angelides said the company is “confident” that current year profit will exceed those achieved in 2021.

The trading update comes after high street giant Next upped its stake in Reiss to 51 percent last month after buying a 25 percent in March.

As part of the deal, the Reiss websites and online operations were transitioned to Next through its Next's Total Platform, which provides warehousing and distribution services for Reiss's retail, franchise, wholesale and concession businesses.

Angelides said: “The launch of 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.”