Reiss posts 2.1 mn pounds drop in annual profit

Fashion retailer Reiss has reported a 2.1 million pounds (2.7 million dollars) decrease in full-year operating profit from 17.3 million pounds (23 million dollars) to 15.2 million pounds (20 million dollars), which the company attributed to heavy investments in a number of new store openings in the US, Canada and Australia, reports Retail Gazette.

However, the company’s sales increased 13 percent year-on-year, to 164.5 million pounds (218 million dollars) compared to 145.2 million pounds (193 million dollars) last year. Reiss founded in 1971 by David Reiss, opened 19 new stores around the world during the period, and now operates 179 points of sale in 17 countries.

In February this year the company roped in ex-Next group product director Christos Angelides as its Chief Executive Officer. Angelides succeeded founder David Reiss, who continues to be the group’s Chairman. The company also recently hired Karl Doyle as its new Group Trading Director, the report adds.

Picture:Reiss website