Footasylum has reported that its profit before tax more than doubled, rising 112% to £6m during the period ended 27 January 2024, marking another year of record growth.
The group also reported record revenues, which increased by 7% to £319.5m, with EBITDA rising 41% to £22.5m and operating profits rising 61% to hit £10.4m during FY24.
Its record growth was mainly boosted by online and wholesale sales. Online sales grew by 15% to £134.9m, and now account for exactly 42.2% of its total sales. Meanwhile, wholesale sales rose by 87% to £16.8m, and now accounts for 5.3% of total sales.
According to the group, its wholesale performance was underpinned by its portfolio of “trend-leading” brands, which have driven early growth in international territories.
Over the period, stock in the womenswear and juniors categories performed particularly well, recording sales increases of 16% and 14% respectively, as the group put greater emphasis on their presence in larger stores.
During the period, the sportswear retailer also continued its store opening and upsizing programme, which resulted in the opening of a 20,000 sq ft flagship store on Oxford Street; an 11,000 sq ft store in Birmingham Bullring; a 10,000 sq ft store in Essex’s Lakeside Shopping Centre; a 7,000 sq ft store in Westfield Stratford; a 6,000 sq ft store in Atria Watford; and a 6,000 sq ft store in Leicester’s Fosse Park.
The group said its strong performance has continued into FY25, as it is currently on-track for another successful year.
Nick Scott, CFO of Footasylum, said: “We are delighted to report that FY24 has marked Footasylum’s best-ever financial performance. We achieved record revenues and profits, driven by double-digit growth in both wholesale and online sales. Our performance was also supported by the success of our creative content channels, which now boast an astonishing 5.8 million followers.
“During the period, we also made strategic investments for future growth. With strong momentum across the business, and the proven success of our ambitious growth strategy, we are extremely optimistic about Footasylum’s future prospects.”
