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AllSaints has reported another year of record profitability for the year to 1 February, as profits before tax jumped 55% to £28m, while profit after tax almost doubled to £18.9m.
This comes despite total revenues for the year falling 4% to £441.3m, reflecting what the group described as a “deliberate reduction” in promotional and markdown activity to improve the quality of sales. Revenue from the core AllSaints brand dropped by 5% to £372.4m, while US menswear label John Varvatos – acquired in 2021 – saw sales rise 4% to £68.9m.
The group also revealed that its EBITDA rose 1% to £69.5m for the period, marking a new high, while its gross margin improved to 65.2% from 63% a year earlier supported by shorter markdown periods, earlier seasonal launches and stronger inventory control.
AllSaints also extended its £55m revolving credit facility with Wells Fargo Capital Finance to September 2030.
During the year, AllSaints launched several new product ranges, including children’s wear under the smAIISaints label, a fragrance collection, men’s tailoring and underwear, and an optical eyewear line following its entry into sunglasses in 2023.
A new third party-operated distribution centre opened in the Netherlands, supporting European wholesale growth. The brand also opened stores in Manchester’s Trafford Centre, London Bridge railway station, Glasgow, New York and Germany, while John Varvatos added a store in New York’s Belmont Park Village.
Since the year-end, AllSaints has named London designer Aaron Esh as chief creative officer, effective 3 November 2025. The company also promoted Alex Didymiotis to chief people officer and Alfie Meekings to chief transformation and technology officer.
Peter Wood, chief executive of AllSaints, said: “Huge credit is due to our teams around the world who have worked so hard to deliver a new record profit performance. While our group revenue reflects our decision to reduce markdown activity to improve the quality of our sales, we’re pleased that a number of areas across the business continued to deliver strong top-line growth.
“Despite the challenging global environment affecting all businesses over the past year, our continued investment in our talent, as well as in product, marketing and distribution, means we are reaching more customers than ever before. There remain plenty of exciting growth opportunities for both AllSaints and John Varvatos, and we are well-placed to pursue them with confidence.”
