All Saints reports ‘record’ sales of £457m in FY23
Additionally, its pre-operating and post-operating EBITDA rose 50% and 66% to £58.6m and £59.1m respectively
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All Saints has reported “record” sales and profit performance as it saw its total revenues increase 36% to £457.0m for the year-ended 28 January 2023.
It said that its product development, ecommerce excellence, a growing global store network, and rigorous inventory management helped to deliver “best-ever” performance.
Its operating profit also rose £18.4m to £28.5m compared with £10.1m in 2022.
All Saints brand revenue also increased 25% to £390.9m. Meanwhile, retail (stores and ecommerce) revenue was up 22% to £326m and non-retail (wholesale, franchise and licensing) revenue up 44% to £65m.
The company’s New York-based menswear brand John Varvatos, which was acquired by AllSaints in October 2021, reported revenues of £66.1m.
Additionally, its pre-operating and post-operating EBITDA rose 50% and 66% to £58.6m and £59.1m respectively.
Gross profit margin also increased to 62.2% compared with 61.0% in 2022, which were driven by stronger full price trading.
Lastly, the group said it boosted its international expansion with the opening of the first AllSaints store in mainland China (Shanghai) in April 2023.
Peter Wood, CEO of AllSaints, said: “This has been a record year for AllSaints, and these results are a huge credit to the passion, creativity and hard work of our fantastic team around the world. The performance has been driven by our intense focus on product development, ecommerce excellence, growing our global store network, and rigorous inventory management.
“AllSaints continues to go from strength to strength, with 25% growth in FY23 and entry into mainland China for the first time being just two of a long list of recent milestones for the brand. During its first full year with us, we’ve also been pleased with the performance of John Varvatos, which has returned to growth and is showing huge potential in the alternative luxury menswear market. Given the strong momentum across both brands, and our proven resilience in even the most challenging consumer environments, we remain hugely confident in the group’s future prospects.”
