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Robert Dyas sees strong LFL growth over Christmas

Sales across Dragons’ Den entrepreneur Theo Paphitis’s retail group surged over Christmas and recently acquired Robert Dyas reported 14.7% like-for-like growth between November 1 and Christmas Eve.

Paphitis said: “I am delighted that all three of my retail businesses delivered a positive performance over the crucial Christmas period.”

The retailer also revealed group performance for the full year to March 31, 2012. General merchandise chain Robert Dyas, which Paphitis acquired in July, recorded a fall in operating profit to £1.6m from £2.8m in 2011.

The company said trading since the acquisition has been “excellent”. Its forecast for the financial year ending March 31, 2013 is for EBITDA to be more than £4.5m. The business is now also free from bank debt.

Paphitis said: “The focus for 2013 will include expanding Boux Avenue further in the UK and overseas, continuing the positive work at Robert Dyas both in-store and online, as well as building on the consistent performance that Ryman has delivered over the last 15 years for me. It is exciting to be involved with a newly created brand like Boux Avenue and at the same time have two heritage brands like Ryman (120 years old) and Robert Dyas (140 years old), trading in the high street, shopping centres and online.

“I will continue to invest in a sector that has always thrilled me, seeking other opportunities and continue to expand my existing retail brands. With no bank borrowing in any of the businesses and substantial cash deposits, we are in the envious position of setting our own agenda and strategy for the long-term benefit of our colleagues, customers and the businesses.”

He added: “While I expect 2013 to be every bit as challenging as the previous two years for the UK economy, I believe with the continued support of all my colleagues, the businesses will continue to meet their plans. I look forward to exploring what retail has to offer both here in the UK and overseas. Investing my own funds allows me to implement strategies that are right for the long term, which continues to excite me.”

Source : Alex Lawson – Retail Week

14 January 2013

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