Boux Avenue, part of the Theo Paphitis Retail Group, reported today a like for like increase in sales of 8.3% across its 28 UK stores (total UK sales to year end 28 March 2015 increased from £27million to £36.5million representing 35.5%). It is estimated by year end March 2016 sales will reach £45million. The group also has 10 stores overseas and this is likely to expand in both existing markets and to capture new territories.
Growth at Ryman of 0.7% with an increased gross margin was not matched at Robert Dyas which saw sales decline by 2.5% but still with an increase in gross margin.
The success at Boux Avenue is bucking the trend with figures just released by BDO’s monthly High Street Sales Tracker (HSST) which recorded a massive 5.3% drop in year-on-year sales for December – the worst monthly results since December 2008. The fashion sector was particularly hard hit with like for like sales dropping by some -5.4% with homeware the only retail category to show significant improvement.
Many retailers reported that website sales had helped to boost flagging revenues with a 7.5% rise in non-store sales.