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New stores boost PAS

 

metalicus 2 oThe owner of the Metalicus and Review fashion chains, PAS Group, has reported a 13 per cent rise in retail sales for the year ended 30 June 2014.

PAS Group, which also owns fashion brands Black Pepper, Designworks, Marco Polo, Yarra Trail, Fiorelli, and Annapelle, operates 235 retail stores across Australia and New Zealand.

Retail sales for the company grew from $114.7 million in FY2013 to $129.6 million in FY2014, an increase of 13 per cent.

This growth was from the opening of 36 new retail stores and the full year impact of stores opened during FY2013.

Like for like retail sales increased by 3.1 per cent, below the 4.2 per cent growth forecasted.

Eric Morris, CEO of PAS, said that despite a challenging trading environment in the last quarter, PAS has made strong progress delivering on its strategy such as store rollout; refurbishment program; online sales channel; loyalty programs; several new licensed brands, including Slazenger, Everlast, and DKNY Menswear; and the management of costs.

Online sales grew significantly, with sales increasing 60.6 per cent on the prior corresponding period.

Online sales now account for 5.1 per cent of retail sales for the Metalicus and Review brands.

PAS expects to grow its number of bricks and mortar stores to 275 sites by June 2015, of the 41 new sites due to be opened this financial year, 31 sites have either been secured or are currently under negotiation.

 

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