The British branch store chain Oasis plc from London has published results for the 2000-2001 business year (concluded 27 Jan.). The fashion chain, represented in Germany in the Centro Oberhausen mall with its own store as well as with concessions at Kaufhof department stores, managed to increase its turnover by 5 % to GBP 138.1 m, about DEM 438 m. The previous year had resulted in a GBP 131.8 m turnover. The company had issued a profit warning in January, and its pre-tax earnings fell from 11.1 m in the previous year to GBP 8 m. The operative result also went down by 26 % to GBP 8.4 m.
“The Christmas business brought in a strong growth in turnover after we went through a rather disappointing first half and third quarter of our business year”, Derek Lovelock, Oasis' Chief Executive, explained. Mr Lovelock stated that in the framework of the company's expansion strategy with 17 store openings in 2000, the primary focus was its core brands, amongst others the Coast label, a symbol for high-class young fashion. The management communicated that Coast's turnover increased by 6 % on a comparable space basis. In view of the reduction in profits, branch store operator Oasis had to cut investments from last year's GBP 11.7 m to GBP 6.6 m.