UK stationery and office products retailer Ryman has reported flat like-for-like sales in its last financial year ending March 2016.
While sales on a comparable store basis were unchanged, total revenues were down 2.5% to £127.7 million ($153 million), in part due to the loss of two stores from its network.
In the company’s strategic report, Chairman Theo Paphitis said improved margins from trading activities as well as improved cost management lifted pre-tax profits to £8 million versus £7.5 million in 2014/15.
Also the Chief Executive of the company is another UK Cypriot Kypros Kyprianou.
Other positives were an 8.8% growth in e-commerce sales and success from its stores being used as click and collect locations for fellow Theo Paphitis Retail Group companies Robert Dyas and Boux Avenue.
Paphitis concluded: “Despite the widely reported challenges facing retail, particularly in ‘bricks and mortar’, Ryman is a resilient business, as demonstrated by its performance over many years, building on our financial strength and ability of our colleagues across the board.”
At the time the accounts were filed, Ryman had 218 stores nationwide, marginally down from 220 a year previous.
Crewe, UK