Boux Avenue makes “significant progress” following strategic review

Lingerie retailer Boux Avenue made significant progress following its strategic review in 2019, reporting a total sales growth of +9.1% (compared to 2019) for the financial year ending March 2021.

Underlying EBITDA loss reduced to £3.5m despite disruption and costs relating to the pandemic, from the previously reported loss of £14.9m - an underlying improvement of £11.4m.

It reported e-commerce sales grew +129.7% compared to 2020, with the brand's performance improving into the current financial year as sales and profits are well ahead of last year.

The company also revealed that in the six weeks to 24 December 2021, Boux Avenue saw a +50.6% growth in both ecommerce and store sales, building on the recovery from last year.

Theo Paphitis, Chairman of the Theo Paphitis Retail Group, which includes Boux Avenue, Robert DyasRyman and Ryman, said: “We are pleased with the performance and progress in the financial year ended March 2021 and inevitably the pandemic has affected our brands in different ways, with Boux Avenue and Robert Dyas making excellent progress in this last year. The results demonstrate the hard work and dedication of our colleagues across the Group, and how the stores and online arms have worked together, building on our strategy and crucial investment prior to and during the pandemic.

"The Group’s +15.6% overall growth during our peak trading period, versus pre-pandemic 2019, including stores and ecommerce, shows further progress and resilience through and out of lockdowns. Stores were only slightly behind the comparable period in 2019 for the Group, with Boux Avenue the star performer of the Group in this area, with a strong performance of +50.6%. The strength of our ecommerce trading masks the much more challenging store environment, in particular in city centres and prime locations, where business rates are unfairly high. It is therefore a major disappointment that this has failed to be structurally addressed by the Chancellor.

"Boux Avenue has made excellent progress in the last financial year and had a strong Christmas, with the investment in ecommerce and product development in particular enabling this performance. Having come through a difficult period, our strategic review and implementation of this has seen the business well set for the future. Our customers have responded positively to our ranges and demonstrated their loyalty to the brand through switching between channels. This was demonstrated by the underlying EBITDA improving by £11.4m in the last financial year."