Oasis and Coast unveil full-year profit lift as Warehouse falters

EBITDA rocketed 36.8% to £11.9m last year, while sales rose 2.4% to £160.1m.

Oasis online sales were up 17.5%, representing 21% of total sales.

During the period, the retailer broadened its loungewear and athleisure ranges, increased its size offering and launched new dress lengths.

It opened four new branches, taking its total of standalone stores to 84.

Coast

Meanwhile, sister firm Coast reached the end of its three-year turnaround plan and returned to profitability.

EBITDA at the premium formalwear brand came in at £3.4m against a break even last year.

Sales rose 5.6% to £85.2m, and online revenue jumped 12.1%.

Warehouse

However, the results were less rosy at Warehouse, which was relaunched in September 2016 and is still in the early stages of its transformation strategy.

The retailer racked up an EBITDA loss of £5.8m during the period as it invested in its infrastructure and laying “the right foundations for the brand”.

Sales nosedived by 12.9% to £110m.

Overall results

The group, excluding Karen Millen, generated EBITDA of £9.8m on sales of £359.9m. Collective online sales rose 13.2% during the year.

Last month, the brands’ owner Icelandic bank Kaupthing called off the sale of the high street chains insisting that the market does not recognise its value. 

Current trading

The group said that, during the first half of its current financial year, Oasis, Coast and Warehouse delivered a combined like-for-like sales increase of 4.9%, fuelled by “another excellent performance from Oasis”.

It added that trading at Warehouse has improved since year-end, suggesting that its transformation programme is starting to deliver.