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Financial Results

Ryman, Boux Avenue and Robert Dyas Christmas Trading & Financial Year End 2014 Statement

Positive like for like increases for Christmas trading across all three brands and improvement in operating profits across the group trading companies for the year ended March 2014.

  • Like for like sales growth for all brands with margins maintained in Ryman and Robert Dyas and growth in Boux Avenue for Christmas trading being the six weeks to 24 December.

  • Ryman which has 230 stores nationwide registered a like for like increase in sales of 2.4% for the period./p>

  • Robert Dyas with 96 stores mainly in the south, had its 3rd Christmas under Theo Paphitis’ ownership. Building on the strong growth seen in the previous two years, registered a like for like growth in sales of 2.5%.

  • Boux Avenue, currently with 25 stores in the UK and nine overseas, saw significant lift in like for like UK sales at 31.7% in only its 4th Christmas since launch in April 2011.

  • Multichannel offerings across the group had a significant role in the group’s key performance over the Christmas period; growth seen in all channels.

  • All three businesses are privately owned by Theo Paphitis, with no bank debt and cash balances.

  • With positive 2014 sales and continued growth across all three businesses, Theo Paphitis is planning new store openings for Boux Avenue (UK and Internationally), Robert Dyas and Ryman in 2015.

Having been widely known as the ‘Ryman Group’ for many years, the launch of Boux Avenue in April 2011 and the acquisition of Robert Dyas in 2012 has led Theo Paphitis to consider a new identity for the group of companies owned.

All businesses will now be captured under the umbrella name of the ‘Theo Paphitis Retail Group’ for 2015.

Theo Paphitis comment:

"As retailers we live for Christmas and I am delighted that we have come through this key trading period with positive growth in this exciting time of multichannel offering.

It was extremely satisfying to see progress across the board with Boux Avenue in particular delivering an exceptionally strong Christmas campaign, supported by TV advertising.

Having recorded double digit growth in Boux Avenue in each of its last three years, it is particularly exciting to see like for like growth this year at over 30%. This exceeded growth rates seen in previous years and came in well beyond our expectations. Several records, both online and in store were broken leading into Christmas as well as on Black Friday. This performance has vindicated our investment and belief in the brand which has become the first choice for many lingerie consumers across the UK, in store and online. Our international partners have shared our confidence in the brand and new stores are continuing to be opened by existing franchisees as well as new partners being secured and in negotiation.

Our confidence in the high street ‘convenience’ locations for Robert Dyas and Ryman and Shopping Centres for Boux Avenue, saw us open several new stores leading up to Christmas. All new stores have got off to a great start. A number of Robert Dyas stores were also refurbished or relocated, resulting in an immediate impact and improvement in sales.

Significant investment is also underway and planned for 2015 to improve our infrastructure, in particular to support further growth planned for the Robert Dyas business which was acquired in July 2012. The business has grown from £106m to £124m in the two years since acquisition which has stretched the current facilities to the full.

An investment of over £5m is being made to modernise and provide for increased capacity in our warehousing and distribution functions. A new 160,000 sq. ft. facility is currently being fitted out and configured with modern systems in Hemel Hempstead that will give the Group a state of the art facility in the south of England to complement a similar facility in Crewe. This will provide Robert Dyas with a platform to grow to sales of £250m, which is double its current level. Whilst this results in some one off and dual costs in the current year, this will provide efficiencies in future years, as well as the increased capacity required.

Ryman enters its 20th year under my ownership in 2015 and has continued to register growth. With a nationwide presence on the high street new store openings will be selective and its key focus will be to continue to its own multichannel capabilities, new product categories and B2B opportunities.

The Theo Paphitis Retail Group is firmly committed to continuing to invest and grow in retail, through a modern infrastructure and strengthening management across key functions. This has included the introduction of Group Director roles in HR, IT, Property, PR and E-commerce. This will enable all three brands to build on their potential and also allow the Group to expand its portfolio of brands in 2015 and beyond."

Financial Statements Year ended 29 March 2014:

Ryman Limited

Total like for like sales increased 3.7%. Operating Profit for the trading business for the year to 29 March 2014 was £7.5m (2013 - £7.1m), an increase of 5.6%.

Turnover increased 4.2% to £130.6m from £125.4m with net assets of £41.4m from £37.6m in 2013.

Boux Avenue Limited

The year ended 29 March 2014 represents Boux Avenue's third year of trading, growing to a total of 21 stores in the UK and 4 overseas (now 25 and 9 respectively).

Total like for like sales increased by 27.2% building on significant growth in the first two years of operation.

Turnover increased to £27m from £18.2m in 2013 with an operating loss of £5.8m (2013 – loss £7.1m). The performance is in line with expectations as the business continues to develop the Boux Avenue brand with investment in all areas of the business including marketing and new stores. The growth rates seen confirm the brand’s development and this has continued into the current year.

Store count currently sits at 25 stores in the UK with an additional nine overseas through franchising, including recent openings in the United Arab Emirates. Current partners have plans to open over 65 stores in the next 5 years and further partnerships are currently under negotiation.

Robert Dyas

Robert Dyas continued its growth since acquisition in 2012.

Turnover up 8.6% from £114.4m in 2013 to £124.2m driven by like for like sales increase of 8.3%.

Operating profit increased 7.2%, from £4.89m to £5.24m. Underlying EBITDA increased by 28.6% from £4.86m to £6.25m. Net assets up to £14.3m from £10.4m.

Significant investment made in improving and modernising the infrastructure of the business as well as marketing across all channels and stock to improve the customer experience.