Global expansion hits Reiss profits

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Reiss

Reiss has recorded a £2.1 million drop in full-year operating profits after investing in a raft of new store openings in the US, Canada and Australia.

For the full year period ending January 28, the up market fashion retailer saw operating profits slide from £17.3 million to £15.2 million.

It opened 19 new stores around the world during the period, and now trades from a total of 179 points of sale in 17 countries.

Meanwhile, total sales increased 13 per cent year-on-year, from £145.2 million to £164.5 million.

In February, Reiss drafted in Christos Angelides, the former group product director at Next, as its new chief executive.

He took over from founder David Reiss, who remains chairman.

Reiss also recently welcomed former Mothercare group product director Karl Doyle as its new group trading director.

“Reiss continues to grow and develop benefitting from our excellent product offering together with domestic and international expansion,” the retailer said.

“With a new chief executive in place and a strengthened management team, we look forward to continuing to invest in the business in order to position it for further growth and development.”

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