Gymshark clears £600m revenue barrier for first time

Gymshark has revealed that it posted revenues of £607.3m for the year ended 31 July 2024, surpassing the £600m mark for the first time.

This figure was an increase of 9% from the £556.2m it posted in the previous year, marking the 12th consecutive year of growth for the company.

This revenue jump came despite the fact that the company’s pre-tax profit fell to £11.8m, down from £13m in the previous year.

This was the third consecutive year of declining profits, as Gymshark continues to invest heavily in its omnichannel expansion and digital infrastructure.

The retailer’s UK sales rose from £111.7m to £136.4m, while its European sales (excluding the UK) surged by 12.6% to £145.7m. Meanwhile its US revenues edged up slightly from £250.4m to £251m.

Elsewhere, the company’s adjusted EBITDA rose by 14% to £51.7m, with orders increasing by 14.1% and units sold growing by 13.6%. Gymshark’s international sales rose by 5.9%, contributing to the brand’s overall growth.

Ben Francis, CEO and co-founder, said: “Despite well-reported economic turbulence, FY24 represented another strong year of growth for Gymshark.We broke the £600m barrier for the first time, and adjusted EBITDA rose by double-digit numbers. Looking ahead, we’re focused on controlling our expenditure to continue building a fully omnichannel business and ensure we’re well-positioned for the future.

“It’s no secret that the retail sector is feeling the strain from macro-economic pressures. However, we’re ensuring we have a heightened focus on controlling our expenditure, so we’re best set up to become a fully omnichannel business and realise our dream of becoming a 100-year brand.”

This news comes after the brand revealed that it is set to open its flagship New York store, located at 11 Bond Street. Spanning 13,000 square feet across four floors, the store will not only feature a retail space but also host community events, workout studios.