{"id":162225,"date":"2019-09-19T14:25:47","date_gmt":"2019-09-19T14:25:47","guid":{"rendered":"https:\/\/www.theindustry.fashion\/river-island-profits-slump-after-it-invest-in-tech-services\/"},"modified":"2021-08-12T14:04:26","modified_gmt":"2021-08-12T14:04:26","slug":"river-island-profits-slump-after-it-invest-in-tech-services","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/river-island-profits-slump-after-it-invest-in-tech-services\/","title":{"rendered":"River Island profits slump after it invest in tech &#038; services"},"content":{"rendered":"<p>River Island has revealed that profits fell from \u00a380.6 million to \u00a335.1 million last year after the high street fashion chain invested cash in <strong>improving technology &amp; services.<\/strong><\/p>\n<p><!--more--><\/p>\n<p><strong>Sales also dropped from\u00a0\u00a3944.5 million to \u00a3919.7 million<\/strong> in the year to the end of December 2018. Online and wholesale revenues were, however, up.<\/p>\n<p>CEO Ben Lewis explained: \u201cQuite simply, it is<strong> more expensive to maintain our level of service to our customers<\/strong> and we have to work harder just to stand still.<\/p>\n<p>\u201cAs we evolve and adapt to our customers\u2019 ever-changing needs, we will<strong> continue to invest for the long term in important areas such as product, technology, stores, service<\/strong> and our people.\u201d<\/p>\n<p>Lewis, who will stand down at the end of the month to be replaced by Will Kernan of Wiggle, said the chain <strong>remained committed to high street stores,<\/strong> however he warned that landlords needed to review rents.<\/p>\n<p>\u201cUnless rents fall, and they are falling in some places, retailers will close stores or not open. Landlords need to pay serious attention to that.\u00a0What we\u2019re interested in are fair terms. <strong>Then there\u2019s the rates piece \u2013 it\u2019s inequitable and not proportionate<\/strong>,\u201d he added.<\/p>\n<p>Lewis, who is a member of the founding family of the group, will step back to become a non-executive director upon Kernan's arrival.<\/p>\n","protected":false},"excerpt":{"rendered":"<p> [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":134805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,10494],"tags":[10759,10758,14808],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>River Island profits slump after it invest in tech &amp; 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