Renaissance: MagnumMac returns to profit

Renaissance has said that its MagnumMac retail business has returned to profit six months ahead of plan, reporting a 17% year-on-year revenue growth for the first three months of 2010.

Renaissance will deliver a full six-month report to the market in early August.

“We’re delighted with the turnaround in the retail business in the last six months,” said Richard Webb, CEO of Renaissance. “We embarked on a number of initiatives in early 2010 and we are now reaping the rewards of those initiatives.

“Those initiatives included reduced overheads by using centralised marketing and HR functions within the Renaissance Group, a large investment in upskilling the retail sales force, improved communications between the stores, a focus on expanding the product offering and changing the sales representatives reward model,” Webb added.

Eddie McGrory, Director of Retail at Renaissance says that the company has “great plans” for the second half of 2010 “including implementing some radical new retail concepts, starting with our flagship store in Newmarket”.

Webb said growth rates were impressive when compared to Apple’s own retail stores, which only grew by eight percent for the same period.

“US-based Needham analyst Charlie Wolf reported earlier this year that Apple’s stores had revenue growth of 8% for the first quarter of 2010. For us to achieve 17% growth for the same period shows we are on the right track. The whole team has worked hard for this and we’re delighted with the results,” he said.

Stay tuned for much more from Renaissance CEO Richard Webb.