Fashion retailer Oasis has turned a £0.3m loss into profits of £5.6m, though sister brand Warehouse has failed to pick up the slack.
After three years Oasis, part of the Oasis and Warehouse Group, has finally started turning a profit. In the year to the end of February sales at the retailer jumped 5.4% to £171.9m, resulting in £5.6m in profits.
This was partly driven by success in full price sales, amidst a market that can often focus too much on discounting. Both high street retailers also made great strides with their online business. Oasis’ web sales rose by 32% during the period, and represented 15% of total profits.
Warehouse experienced a sales drop from £137.3m to £130.3m over the same period, leading to a pre-tax loss of £3.8m. It is hoped that the recent hiring of Alasdhair Willis, husband of designer Stella McCartney, as Brand Director will help improve the chain’s image.
Warehouse will also be investing in new infrastructure, merchandising systems, store refurbishments and continued investment in staff.
“I am pleased with our progress to date,” said Oasis Chief Executive Liz Evans. “We have made a number of significant investments in the period focused on new infrastructure, merchandising systems, store refurbishments and continued investment in people. I am confident that we now have the right foundations for our brands to continue to grow.”
Oasis currently operates across 406 stores, including a recently opened flagship store on Tottenham Court Road.