AllSaints FY operating profit jumps 40% to £39.9m

AllSaints has reported a “record performance” as its operating profit rose 40% to £39.9m for the year ended 3 February 2024. 

In the 12 months, total revenue edged up 0.6% to £459.5m as the brand reduced its promotional and markdown activity and changed its sales mix due to the focus on growing wholesale, franchise and licensing to reach more customers. 

Retail revenue fell slightly by 2.9% to £316.5m while non-retail revenue was up 18.4% to £77m. 

However, gross profit margin increased to 63% compared to 62.2% in 2023, driven by positive customer reactions to seasonal product launches, reduced promotional and markdown activity and continued efficient inventory management. 

Pre-operating exceptional EBITDA for the fashion retailer was also up 18% to £68.9m. 

During the period AllSaints opened a new concept store in Los Angeles, the first AllSaints store in mainland China in Shanghai, and a new John Varvatos store in Houston.

Since the year-end, the group’s trading performance has been in line with expectations. The direct retail trading strategy for the current year has shifted towards targeted promotional activity and away from mid-season sale activity. 

Meanwhile the group has continued to invest in new and existing stores, and relaunched its first UK store to showcase the new AllSaints store design concept in the Trafford Centre in Manchester in March. 

Peter Wood, CEO of AllSaints, said: “We are delighted to be reporting another record performance for the third year in a row. We are particularly pleased that our clear focus on growing our wholesale, franchise and licensing partnerships around the world means that we are reaching more customers than ever before. 

“As always, these results are testament to our amazing people and their fantastic energy, creativity and teamwork along with the ongoing support of our vendors and partners. As a team we are hugely proud of what we have achieved, but we are even more proud of the way in which we’ve achieved it.”

Wood concluded: “2024 is the 30th anniversary of the iconic AllSaints brand, and is shaping up to be another hugely successful and eventful year for us. There is good momentum across the entire group, with John Varvatos delivering a great start to the year. As a result, we remain as confident as ever in our future prospects.”