Gymshark FY23 PBT halves despite healthy sales
Following the group’s FY23 update, founder and CEO Ben Francis revealed that the company will be launching its first wholesale partnership with Selfridges
Gymshark has revealed that sales rose 15% to £556m in 2023, despite posting a pre-tax profits fall from £27.8m to £13m for the 12 months to 31 July.
The activewear group attributed its rise in sales to the “relevance and quality” of its products, as EBITDA also rose in line with sales growth from £39.9m to £45.3m, excluding exceptional costs.
A Gymshark spokesperson said: “The overall strategy of the group remains to continue increasing revenues in a profitable and sustainable manner and to create and develop desirable products to its growing consumer base.”
Following the group’s FY23 performance update, founder and CEO Ben Francis revealed that the company will be launching its first wholesale partnership with Selfridges, which will be its “highest quality athleisure range yet” in the store, called ‘Everywear’.
The retailer also revealed it will be opening a 12-month pop-up store in New York, as well as expanding into Dubai in the spring.
While Francis expects 2024 to be Gymshark’s “biggest ever year”, he admitted its fast-growth days are numbered after a challenging year that saw it reduce its administration staff by 170 people for the first time and closed offices in Hong Kong and Mauritius.
The news comes after Gymshark recently revealed it would launch a second permanent store in London’s Westfield Stratford, due to open in the summer.
The sportswear giant will move into a 7,000 sq ft unit in Westfield Stratford City, which it said will create more than 75 jobs.
