Boux Avenue, the UK-based lingerie retailer, has, reportedly, reduced its losses following a good sales jump of 9.1 per cent for the year that ended 31 March 2021.
Notably, the underlying EBITDA losses reduced to £3.5 million. Now that’s an improvement of £11.4 million from that of a year earlier (£14.9 million).
The retailer added that the performance was majorly driven by 129.7 per cent growth in e-commerce sales.
Even in the six weeks up to 24 December 2021, the American lingerie retailer posted a year-on year sales jump of 50.6 per cent.
This comes in the wake of retailer’s decision to appoint Deloitte to conduct a review of the business in 2019 – especially with regard to addressing rising rents across its 29-strong store portfolio.
More on the same, Theo Paphitis, Chairman, Theo Paphitis Retail Group, avers “Boux Avenue has made excellent progress in the last financial year and had a strong Christmas, with the investment in e-commerce and product development in particular enabling this performance.”
Theo Paphitis Retail Group owns Boux Avenue, Ryman and Robert Dyas. Boux Avenue Ltd. was founded in 2011 and is a chain of lingerie stores based in the United Kingdom.
