Like-for-like sales rose 5 per cent for sister brands Oasis and Warehouse for their full financial year, despite the backdrop of “challenging” for the retailers.
Oasis and Warehouse’s joint EBITDA rose 48 per cent year on year to £9.5 million as the brand continued to invest in its digital performance.
Online sales rose 20 per cent, now representing 25 per cent of all sales for the brands, and bolstering results across the board despite low consumer confidence and Brexit uncertainty cited by their owners.
Total sales rose 0.1 per cent to £275.2 million in the year to February 24.
Oasis and Warehouse’s parent declined to provide separate results for its brands, but said Oasis’ strong product position and brand identity had continued to drive growth.
Meanwhile it noted Warehouse had returned to profitability for the second half of the financial year after shutting 15 underperforming standalone stores.
“Despite the ongoing challenges within the retail environment, I am pleased with the growth the Group has achieved during the last financial year,” said Oasis and Warehouse Group chief executive Liz Evans.
“Oasis has reinforced its position in the market and delivered another solid performance, and we continue to invest in both the digital channels and new local stores. Warehouse’s turnaround journey is continuing to forge ahead.”
“The market remains challenging, with low consumer confidence, the uncertainty around Brexit and structural changes in the sector. We have maintained momentum into the current financial year but nonetheless we remain cautious given external factors,” she added.
