Select reports annual 18% like-for-like sales increase as it looks to expand
Value fashion retailer Select has reported an 18% rise in annual like-for-like retail sales in 2011.
The retailer also enjoyed a surge in Christmas sales which rose by 45% in November and December 2011. Turnover rose 22% to £46.3 million in the year and there was an 88% reduction in pre-tax profit loss from £3.4 million to £400,000.
Select grew its store portfolio to 135 in the year including opening in new locations such as Manchester Arndale and Liverpool Church Street. The company said it plans 30 new prime location openings in 2012, including Westfield Stratford City in February, and forecasts that 500 new retail jobs will be created as a result.
The brand said its expects to hit £80 million turnover and £2.5 million pre-tax profit in 2012.
Chief executive, Cafer Mahiroglu said: "Select has emerged as an ongoing success story in the battered high street retail market. We’re attacking with a combination of the right product at the right price and a hands-on, ambitious approach from the top-down. As evidence suggests, in recessionary times there is sustained, even growing demand for a viable alternative on the high street for trend-driven, affordable fashion product."
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