Mixed trading conditions for Aurora Fashions
Oasis sales rise 10% while revenue at Coast falls 3% during ‘difficult retail environment’
The latest batch of accounts show turnover at Oasis Fashions Ireland, a subsidiary of Aurora Fashions, rose to €19.4 million from €17.7 million for the period under review. Above: shoppers on Henry Street during the Christmas season. Photograph: Nick Bradshaw
Recently filed accounts show that while sales at Oasis Fashions Ireland rose 10 per cent for the period from March 4th, 2014, to February 28th last, revenues fell at Coast and Warehouse by 3 per cent and 1 per cent respectively.
Aurora Fashions Ireland, which also manages Karen Millen locally, has 27 free-standing stores and 34 concessions across the Republic.
Aurora was forced to seek the appointment of an examiner for the Irish arms of Coast, Warehouse and Karen Millen in late 2014. The last was spun out in a management buyout from Aurora in March 2011. It is owned by the Icelandic bank Kaupthing, which also ultimately owns Aurora.
The latest batch of accounts show turnover at Oasis Fashions Ireland rose to €19.4 million from €17.7 million for the period under review, with gross profit rising to €12.1 million from €10.5 million. In what it described as a “difficult retail environment”, Oasis reported a pretax profit of €1.3 million, versus €400,000 a year earlier with earnings before interest, tax, depreciation and amortisation (ebitda) of €1.5 million, up from €700,000. Distribution costs and administrative expenses amounted to €10.8 million, compared to €10.1 million a year earlier.
Oasis, which employs 235 people said staff costs, including wages and salaries, totalled €2.7 million.
Coast Fashions Ireland reported sales were down 3 per cent from €7.7 million to €7.5 million for the period under review. Gross profits was unchanged at €4.2 million. Distribution costs and admin expenses fell by €400,000 to €5 million.
Coast said pretax losses declined slightly for the period under review from €1.2 million to €1.1 million. Staffing costs were unchanged at €1.6 million.
Coast, which exited examinership in February 2015, paid €449,231 in damages to landlords for termination of leases as it closed three of its eight standalone stores and entered into revised licence agreements at two of its eight concessions.
Warehouse Fashions Ireland, which also exited examinership last February, said total sales declined by 1 per cent last year from €8.9 million to €8.8 million with gross profit of €5.3 million, down from €5.4 million for the same period 12 months earlier.
The retailer said distribution costs and admin expenses fell by €400,000 to €5 million. It paid €530,896 in damages for termination of leases as it closed three standalone stores and entered into revised agreement for its eight concessions here.
Aurora also previously owned the Bastyan franchise for Ireland prior to the closure of its six concessions here in October.