Oasis, Warehouse report rise in annual profits

Amid the challenging retail conditions, owner of the Oasis and Warehouse fashion brands reported like-for-like sales increase of 5 percent, while joint EBITDA jumped 48 percent year to 9.5 million pounds (12.5 million dollars) driven by investments made in its digital activities, reports Retail Gazette. The company attributed its return to profitability to closure of 15 underperforming stores.

The report quoted Oasis and Warehouse Group CEO Liz Evans saying in a statement: “Despite the ongoing challenges within the retail environment, I am pleased with the growth the Group has achieved during the last financial year. Oasis has reinforced its position in the market and delivered another solid performance, and we continue to invest in both the digital channels and new local stores. Warehouse’s turnaround journey is continuing to forge ahead.”

The company’s total revenues for the year increased 0.1 percent to 275.2 million pounds (362 million dollars), while ecommerce sales grew 20 percent in the year to February 24, 2018. Online sales now contribute 25 percent to the total brands sales.

After witnessing a considerable rise in its online revenues last year, the high street fashion brands are also launching their new apps on Poq’s Saas platform in a bid to provide a better experience to its customers.

Quoting Alixandra Burn, Head of Digital at Warehouse, a report by Internet Retailing said: “Our app customers are strong brand advocates, and we want to be able to give them a shopping platform that had a point of difference to mobile web. It’s also important that we are able to update the platform easily and on a regular basis. We wanted to work with a partner that could provide apps that are quick and easy to update and are feature-rich and Poq can do just that.”

Picture:Facebook.Oasis Fashion