Sweaty Betty returns to profit for first time in three years
It put its financials down to ‘improved gross margin performance, tighter cost control and a significant reduction in reorganisational exceptional items’
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Activewear brand Sweaty Betty has revealed that it made a profit of £1.5m during 2024, compared with a £13.4m pre-tax loss the year prior, its first profit since 2021.
In accounts submitted to Companies House, the business stated that it also reduced its headcount from 990 to 903 staff members over the period.
Despite this, the company’s sales were down, falling from £144.2m to £140.4m, while its UK revenues slumped from £116.4m to £111m, and US sales declined from £13.5m to £9.3m.
However, the brand’s revenues across the rest of the world rose from £14.2m to £19.9m over the period.
It put its financials down to “improved gross margin performance, tighter cost control and a significant reduction in reorganisational exceptional items”.
Furthermore, the company attributed its “strong recovery” last year to its 2023 reorganisation, which saw the brand move its North American wholesale operations from Sweaty Betty Limited.
In 2023, Sweaty Betty unveiled plans to make UK job cuts to its staff in a move to fuel its long-term growth, plans which have now been realised. The retailer’s owner set out plans to consolidate its London space and reduce headcount as it sought to streamline the company’s operations.
Sweaty Betty is part of Lady of Leisure Holdings Group which is ultimately controlled by Wolverine World Wide Inc.
