// Reiss reports a pre-tax loss of £3.8 million compared to 2019 profit of £20.5 million
// The retailer is also moving into childrenswear and has a new collaboration with the luxury sports brand Castore in the works
Reiss has reported it sales are beginning to recover after its 2020 profit and sales performance were hit amid Covid-19.
The company reported pre-tax loss of £3.8 million compared to 2019 profit of £20.5 million.
Loss before tax and after exceptional items was £13.6 million against 2019 profit of £20.1 million.
Reiss said that since the start of the current financial year there had been a strong recovery in sales and it expected to return to profit.
For the 30 weeks to August 29, total group sales were £124.2 million, 52 per cent higher than last year and 8 per cent higher than the pre-pandemic year in 2019.
This 30 week period included 10 weeks when all of Reiss’s UK stores were closed due to the pandemic.
Reiss chief executive Christos Angelides said: “Reiss has recovered strongly from a challenging 2020, and the creation of our new casual collections has proved successful with our customers.
“As the impact of the pandemic recedes and the economy recovers, we are also seeing a strong return in sales of occasion and formal wear – our speciality since 1971.
“We are working closely with NEXT plc to integrate our logistics and website onto the NEXT Total Platform, set to go live in early 2022. I am confident that this partnership will lead to further sales growth, in addition to cost synergies and operational efficiencies.”
Angelides also revealed that the retailer will be launching its first ever childrenswear collection in October and will be launching a collaboration with Andy Murray-backed luxury sports brand Castore.