Reiss has said it expects to “return to profit” in its current financial year after falling into the red during 2020.
Reiss made a loss of £3.8m in the year to January 30, 2021, compared to a profit of £20.5m in 2019. Reiss attributed the loss to extended periods of store closures as well as exceptional items due to the pandemic.
Sales at the fashion retailer fell to £170.7m during 2020, a 24.6% drop from the year before.
By contrast, it reported strong sales momentum since the outset of its current financial year. Sales for the 30 weeks to August 29 rose 52% year on year to £124.2m. This was also 8% higher than during the equivalent sales period pre-pandemic, despite stores being closed for 10 weeks during its financial year.
On the basis of this strong sales momentum, Reiss said it expected to “return to profit this year”.
The bsuiness is also focused on diversifying its current retail offering.
Reiss is set to introduce a childrenswear collection for the first time in the brand’s 50-year history in October and will also launch a collaboration with British brand Castore Sportswear.
Chief executive Christos Angelides said: “Reiss has recovered strongly from a challenging 2020 and the creation of our new casual collections has proved successful with our customers. As the impact of the pandemic recedes and the economy recovers, we are also seeing a strong return in sales of occasion and formal wear.
“We are working closely with Next to integrate our logistics and website onto the Next Total Platform, set to go live in early 2022. I am confident that this partnership will lead to further sales growth, in addition to cost synergies and operational efficiencies.”
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