Robert Dyas reports solid sales growth
Robert Dyas, the homewares retailer acquired by Theo Paphitis last month, has reported that sales rose 2.2% to Â£105.9 million in the 53 weeks to end March 2012.
While like-for-like store sales increased by 3.3%, EBITDA was £2.8 million compared to £4.1 million in 2011.
Graham Coles, chief executive for Robert Dyas, said: "The board was pleased to deliver solid sales growth during a difficult economic climate. As recently announced, on 10 July 2012 the business was acquired by Gladys Emmanuel Limited - a company wholly owned by Theo Paphitis. We look forward to reaping the benefits of a much strengthened balance sheet that is completely free of any bank debt. In addition, we now have one of the nation’s favourite 'Dragons' as our chairman."
Paphitis said: "I would like to thank all Robert Dyas colleagues for the commitment and effort they put into every part of the business. Their contribution - in particular in providing an excellent customer experience - is vital to the continued success of the business and I look forward to working with all stakeholders for a brighter future."
Founded in 1872, Robert Dyas has 96 stores across the south of England and also operates an e-commerce business.
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