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Financial Results

Ryman, Boux Avenue and Robert Dyas Christmas Trading 2013 & Financial Statements for Year ended March 2013

Highlights:

  • Like for like increases for Christmas trading; Ryman 1.7%, Robert Dyas 5.2% and Boux Avenue 20.2%.

  • As well as sales, margins also increased on 2012 for all three businesses.

  • Boux Avenue expanded to 21 stores in the UK and 4 International stores and trading continues to be in line with business plan to generate profits for the year 2015.

  • Robert Dyas continues strong store and online growth since July 2012 acquisition.

  • No bank debt in any of the businesses with cash balances held on balance sheets.

Christmas Trading:

The results cover the period from 1st November to 24th December.

Trading at Ryman, Robert Dyas and Boux Avenue, the retail businesses owned by entrepreneur Theo Paphitis, over the Christmas period was positive for all three businesses, further building on the growth seen last Christmas.

Ryman which has 237 stores nationwide registered a like for like increase of 1.7%. Theo has owned Ryman since 1995.

Robert Dyas, purchased in July 2012, saw a like for like increase of 5.2%. Robert Dyas has 96 stores mainly in the south.

Boux Avenue’s like for like sales increased 20.2%. Boux Avenue was launched as a business by Theo Paphitis in April 2011.

Customers responded well to our Christmas proposition for all three brands, avoiding the need for the discounting seen from some other retailers and resulting in improved percentage and cash margins.

Theo Paphitis comment:

I am delighted that all three of my retail businesses once again delivered a positive performance over the important Christmas Period.

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 increase awareness of the brand amongst UK shoppers in the business' third Christmas.

All three businesses saw significant increases online, setting record internet sales weeks at various times in the period. The response from our customers to our proposition, both online and in store, meant we were able to deliver increased sales and improve margins at the same time by avoiding the need for discounts seen elsewhere in a challenging market.

Financial Statements Year ended 31 March 2013:

Ryman Limited

Total like for like sales increased 0.9%, with online growing 24.7% in the year. Operating Profit for the trading business for the year to 31 March 2013 was marginally ahead of 2012 at £7.1m v £7.0m.

Turnover increased 0.8% to £125.4m from £124.3m with net assets of £37.6m from £34.5m in 2012.

Note: Profit before tax for Ryman Limited of £7.3m for 2013 is not comparable with 2012 profit before tax of £14.4m which included a dividend of £7.2m from a subsidiary company.

Boux Avenue Limited

The year ended 31 March 2013 represents Boux Avenue's second year of trading, growing to a total of 17 stores in the UK and 3 overseas.

Total like for like sales increased by 60.0% with stores up 40.8% and online, launched with the first stores in April 2011, growing 182% in the year reported.

Turnover increased to £18.2m from £6.9m in 2012 with an operating loss of £7.1m. This is in line with expectations for the second year of trading and development phase of the business, requiring significant investment to build a brand across our state of the art stores, marketing, website, infrastructure, systems, people and internationally.

Store count currently sits at 21 stores in the UK with an additional four overseas, growth is expected to continue into 2014 as the stores mature and the brand increases its presence.

Success of the brand to date has attracted interest from a number of overseas operators and the Group has recently signed a franchise agreement that will see 29 stores open in the Middle East in the next five years. Two further heads of terms have been signed by two separate parties that will add another 31 stores across two additional territories.

Robert Dyas

It has been a big and positive year of change for Robert Dyas having been acquired in July 2012 three months into the reported financial year.

The positive change has been reflected in the company’s financial affairs with operating profits up 353% to £4.89 million from £1.1 million in 2011/12.

Like for like sales increased by 11.2% with turnover up 8% to £114.37 million

Theo Paphitis comment:

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 focus for 2014 will include the continued expansion of Boux Avenue, especially overseas which is already underway through our recent franchise agreement to open 29 stores in the Middle East in the next five years and two heads of terms signed for an additional 31 stores across two further territories.

Robert Dyas will build on 2013’s successful multi-channel catalogue campaign whilst Ryman will continue to enhance its own multi-channel capabilities and expand upon B2B opportunities.

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 (120 years old) and Robert Dyas (140 years old).

This is one of the many reasons why retail still excites me and I will continue to seek new opportunities and expand my existing brands. Using our own resources also affords us the ability to set our own strategy for the long term benefit of our customers and colleagues across all the businesses.

Press release download: Ryman, Boux Avenue and Robert Dyas Christmas trading and financial statements for year ended March 2013 (PDF opens in a new window - right click to download)