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Reiss reports record sales in 2021

Tom Shearsmith
12 September 2022

Reiss has reported its financial results for the year ending 29 January 2022, revealing a 50% increase in group sales compared to the year prior.

Financial highlights for the 52-week period includes:

  • Total group sales of £256.6m, 50% (£85.9m) higher than the prior year (2020: £170.7m)
  • Profit before tax and exceptional items of £39.6m (2020: loss of £3.8m)
  • Profit before tax and after exceptional items of £34.4m (2020: loss of £13.6m)
  • International sales totalled £81.8m, comprising more than 30% of total group sales
  • Omnichannel business with online share close to 50%
  • Increasingly equal split between womenswear and menswear sales, 57% and 43% respectively.

For the 26 weeks to 30 July 2022, the company also reported that total group sales were £146.8m, 38.0% higher than 2021 and 42.7% higher than the pre-pandemic year in 2019.

Earlier this year, NEXT acquired a 25% equity stake in Reiss, valued at approximately £200 million, as part of a new long-term, strategic partnership. The company confirmed it had the option to acquire an additional 26% on pre-agreed terms, which would bring its total holding to 51%.

NEXT confirmed to that the option to increase its stake was exercised in April 2022, with Reiss continuing to be led by CEO Christos Angelides and his creative team.

In February 2022, Reiss unveiled an enhanced e-commerce site, featuring a range of customer service upgrades from extended cut-offs for next day deliveries to instant in-store refunds for online orders.

Christos Angelides, Reiss CEO, said: “Reiss delivered record sales and profits in the year ending Jan 2021, despite the retail lockdown closures in the first 10 weeks of the year. The business has continued to deliver strong growth in the first half of the current year, across both men’s and women’s divisions and we are confident that profits this year will exceed those achieved in 2021.

The launch of NEXT Total Platform in February 2022 has delivered significant improvements in our delivery promise, customer service and returns options. In addition, it has improved stock availability for our retail and online channels, through making all stock available to order from home or in-store.”

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