Young fashion footwear retailer OFFICE, backed by Silverfleet Capital the European private equity firm, has reported a 26 per cent growth in like-for-like sales in the five weeks to 31 December 2011.
OFFICE has also made a senior appointment to its board with Allan Leighton taking on the role of non-executive chairman. Leighton;s appointment follows the appointment of Ian Findlay as finance director back in September.
For the same period last year the business reported like-for-like sales growth of 19.41pc.
Both Leighton and Findlay have considerable expertise in the retail sector. Previously Leighton was CEO of Asda, and chairman of the Royal Mail and holds several non-executive positions. Findlay was the former finance director and managing director of young fashion brand Jane Norman.
CEO Brian McCluskey says: “The business has been performing strongly all year, with 12 month like-for-like growth in excess of 15pc (PY comparative 11.4pc). During 2011 we have opened eight stores and eight concessions and all have traded significantly ahead of expectations. This is a very credible performance particularly in the current environment and is testament to the incredible team of people we have here at OFFICE and the fantastic brands and suppliers we work with.
“Over the coming 12 months we will look at opening between six and eight stores and continue to invest heavily in our web business.
“In addition Allan and Ian’s appointments are good news for OFFICE. Both are experienced operators who will have much to contribute to our ongoing expansion. We look forward to the next phase of our development.”
OFFICE first opened in 1981 and has since grown to 84 stand-alone stores in the United Kingdom and the Republic of Ireland and 52 concessions in House of Fraser, Topshop (including New York and Chicago) and Topman, Harvey Nichols and Selfridges, and has a fast-growing internet business. The business retails a selection of the best footwear brands available as well as its own-branded shoes, primarily under brands such as “OFFICE”, Ask the Missus” and “Poste”.
“Office has built a great brand, known by anyone looking for fashionable shoes, because it understands the customer’s desires and needs,” says Leighton. “There is still significant opportunity for further growth and I ’m looking forward to helping Brian and his team build the business further.”
