Reiss Christmas sales outperform, both stores and online are buoyant
Reiss Holdings Limited is the latest retailer to report strong Christmas trading figures, saying on Monday that the nine weeks up to 7 January saw total group sales rising 20.3% versus last year.
Store sales were up 18.5%, offering further evidence of the wider strong recovery in physical stores. But importantly as well, online sales were up 22.3.%. In a year when many otherwise successful retailers have reported falling online sales due to the shift back to physical shops, such a strong ongoing rise is pretty impressive.
The company also said that for the second half so far, sales for stores were up 14.3% and online they rose 18.3% for a total across channels of a 16.1% uplift.
That doesn't cover the second half in total as the financial year doesn't end until 28 January, but the company is currently expecting full-year sales to be up to 25% year-on-year, which will be another record. Profit is also expected to be at record levels.
And it added that “despite the challenging current economic outlook, we believe that Reiss is well placed to deliver sales and profit growth in the year ahead”. This will be driven by “the growing strength and international recognition of the Reiss brand” plus “the continued improvement, development and extension of our collections” and its “market-leading retail and online platform”.
CEO Christos Angelides said: “Reiss has continued to perform strongly over the Christmas period, reflecting the underlying levels of growth experienced throughout 2022. Sales were strong across all product categories, in all territories and across all channels.”
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