River Island remains 'positive' despite £32.2m loss
High street retailer River Island has declared it’s a "year of reset" after revealing a pre-tax loss of £32.3 million for the year ending 30 December 2023.
The year prior, the fashion retailer achieved a profit of £7.5 million in the previous year. However, sales dipped by 15% to £701.5 million, down from £825.8 million the year prior, according to a filing on Companies House.
The company blamed increased competition and customers looking for “more diverse, convenient and speedier” shopping experiences for its sales decline.
EBITDA fell by 146%, from a profit of £26.5 million in 2022 to a loss of £12.5 million in 2023.
In the statement, River Island said: "2023 was a year of reset for the business. Product ranges have been re-focussed and a new leadership structure put in place with several key senior hires. The business has invested in customer propositions with stronger product ranges, an enhanced environment and an elevated digital experience.
"Despite the challenging trading environment so far this year, we remain positive about the outlook."
New senior hires include former Sweaty Betty Chief Simon Pakenham-Walsh, who was appointed Chief Technology Officer in April.
In addition to new hires, the brand is also investing in revamping its stores. In September, River Island announced it is undertaking a comprehensive refurbishment of its 25,500 sq ft store at Metrocentre to create a "best-in-class shop fit and refreshed shopping experience", at the largest River Island store in the North East.
