Belfast Telegraph

Phase Eight reports jump in profits

Fashion retailer Phase Eight has reported a jump in annual sales following the company's acquisition by South African retail group TFG.

The company said sales reached £197.6 million in the 14 months to April 2, 2016 compared with £159.8 million in turnover in the 12 months to January 2015.

It helped EBITDA - a measure of profits before taxes, interest, depreciation and amortisation - jump from £24.5 million to £31 million in the period to April 2, 2016.

It comes after South African retail Group The Foschini Group (TFG) bought an 85% stake in Phase Eight in a deal worth £238m in January 2015.

Phase Eight said growth was driven by operations in Asia, including Japan, Hong Kong and Singapore, and expansion in Europe, the Middle East and North America.

Meanwhile, the retailer said it was focusing on "opportunities for profitable growth" across its UK and Ireland operations.

Both international and online sales each accounted for over 20% of group sales, the company said.