Theo Paphitis' chains shun discounting to record strong Christmas

Like-for-like sales increased by 1.7% at Ryman, 5.2% at Robert Dyas and 20.2% at Boux Avenue between November 1 and December 24.

The group said it had “avoided the need for the discounting seen from some other retailers, resulting in improved percentage and cash margins”.

All three retailers achieved record online sales over the festive period.

Paphitis said: “Growth was delivered in all three business both online and in store. This shows that, despite the challenges faced by many high streets across the UK, customers continue to respond to the right product, service experience and a convenience offering, where relevant.

“Boux Avenue, which operates in some of the UK’s highest profile shopping centres, performed exceptionally well. I believe this was supported by a further improvement in our product range and an increased awareness of the brand amongst UK shoppers in the business’ third Christmas.”

Separately, stationer Ryman reported full-year like-for-likes rose 0.9% while total sales increased 0.8% to £125.4m in the year to March 31.

Operating profit at the 237-store retailer edged up to £7.1m from £7m last year while online sales grew 24.7%.  

Lingerie retailer Boux Avenue recorded a 60% full-year like-for-like sales increase. Turnover increased to £18.2m from £6.9m in 2012. The retailer made an operating loss of £7.1m following investment, which was in line with expectations.

The 21-store retailer has four shops overseas and plans to increase its international presence over the next year. It has signed a franchise agreement for 29 stores in the Middle East in the next five years.

Two further deals are imminent with two separate parties that will add a further 31 stores across two additional unnamed territories, Boux Avenue said.

Full-year operating profit at Robert Dyas rose to £4.9m from £1.1m the prior year.  Like-for-like sales increased by 11.2% with total sales up 8% to £114.4m.

Paphitis added: “In continuing tough times for the high street I am delighted with the performance of all three retail businesses I own.

“Whilst the companies are obviously at different stages of development under my ownership I am pleased to see them all make good ground online, on the high streets and in shopping centres this year.

“The continued success of my three businesses shows the overall outlook for retail can be positive even in a challenging environment. With the right strategy new brands like Boux Avenue are able to thrive just as much as the more established high street names; as we are demonstrating with Ryman and Robert Dyas.”