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More Top Secret stores

06 June 2018

POLAND After releasing its Q1 2018 results fashion brand owner Redan has announced that it will expand its Top Secret brand with the chain to increase its total floor space by 8 pct this year.

Despite a y-o-y decline of 1.5 pct in revenue to PLN 50.3 mln, the chain saw its sales revenue increase by 10.2 pct y-o-y while its costs rose only by 6.5 pct and this resulted in the brand’s net profit rising by PLN 1.5 mln y-o-y. Already this year the chain has expanded its floor space by 3 pct in response to this improved profitability and as of the end of March numbered 189 stores in Poland. “We plan to increase our retail space by around 2,500 sqm or by about 8 pct over the year. And we expect to add 2,000 sqm to 3,500 sqm annually over the coming years. With our accelerating expansion and increased operating leverage, our fashion store results should show continuous improvement,” says Bogusz Kruszyński, the CEO of Redan. “Top Secret has been consistently following a strategy designed to ensure that its sales margin grows faster than its costs.. The improvement has so far continued for over two years. As a result, the fashion segment has been consistently improving its performance,” said Bogusz Kruszyński. He also pointed out that in Q1 2018 like for like sales in Poland increased by 10 pct while the margin increased by 4.1 percentage points. “This is mainly the result of changes in the product range, which involved including a higher share of high-margin products from the new collection in the chains’ permanent range of goods for which no markdowns are made and it is also due to the launch of a line of trendy fast fashion clothes to the online store. We have also been able to manage our goods more effectively thus ensuring that we allocate stock precisely to the right stores,” he added.

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