Fashion brand Oasis, part of the Oasis and Warehouse Group, has reported its first profit in three years, as sales at its 406 stores leaped 5.4% to £171.9 million in the year to the end of February.
The £0.3m pre-tax loss last year was turned into a £5.6m profit at the chain, driven by a successful turnaround plan led by Kate Bostock– the former womenswear boss of Marks and Spencer. However, its sister brand, Warehouse, saw sales drop from £137.3 million to £130.3 million over the same period for a pre-tax loss of £3.8 million. As part of an effort to halt sliding sales Alasdhair Willis – the husband of fashion designer Stella McCartney, has been brought in to improve the chain’s image.
“I am pleased with our progress to date,” said Oasis chief executive Liz Evans. “We have made a number of significant investments in the period focused on new infrastructure, merchandising systems, store refurbishments and continued investment in people. I am confident that we now have the right foundations for our brands to continue to grow.”
