Strong Christmas Sales for Theo Paphitis’ Retail Group
Hardware store Robert Dyas reported 14.7% like-for-like growth between 1 November and Christmas Eve. These figures are pretty impressive for the general merchandise chain that was acquired by Theo Paphitis in July.
Robert Dyas recorded a fall in operating profit to £1.6 million from £2.8m in 2011. However, the business is now performing very well and it is also free from bank debt. Its forecast for the financial year ending March 31, 2013 is for EBITDA (Earnings before interest, taxes, depreciation and amortization) to be more than £4.5m. Theo Paphitis’ retail group also includes stationery retailer Ryman and lingerie specialist Boux Avenue. Paphitis said his focus for 2013 will include expanding Boux Avenue further in the UK and overseas, continuing the positive work at Robert Dyas both in-store and online, as well as building on the consistent performance Ryman has delivered.