Oasis owner reports lacklustre sales
The owner of the Oasis and Karen Millen brands rued the lack of a “must-have” fashion look today as it reported sluggish sales in the year so far.
Mosaic Fashions, which also has the Whistles and Coast chains, added that a long run of unseasonably cold weather and the late Easter meant the first quarter of the financial year failed to sparkle in the way it had a year ago.
The update from Mosaic came as it said sales for the year to January 28 were up 15% to £410m (€589m) with underlying earnings ahead 14% to £59.2m (€85m).
The performance included a sales increase of 41% from Coast – the 25 to 35 age range brand – as well as growth of 11% from leading chain Oasis. Figures from Karen Millen and Whistles were in single digits – up 3% and 8% respectively – as Mosaic got to grips with supply chain difficulties at the brands.
Whistles, in particular, got a lift from the “boho look” in the spring and summer season of last year, but Mosaic pointed out that no such major trends had developed in the current year so far.
Chief executive Derek Lovelock said: “The factors affecting current trade are common across the fashion retail sector, a late Easter, a long period of unseasonably cold weather and the lack of a strong fashion look.”
Mosaic is majority-owned by Reykjavik-based retail investment group Baugur and listed on the Iceland stock exchange.
The group has shops around the world, with the UK and Ireland portfolio featuring 261 outlets under the Oasis brand, 185 trading as Coast, 98 Karen Millen stores and 66 sites under the Whistles brand.
