Fred Perry FY profits rise 12.5% to £14m despite fall in turnover
Fred Perry Limited, which also owns outerwear brand Lavenham and footwear label George Cox, said it had shifted priorities after growing ‘by over 40% from the depths of the pandemic’
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Fred Perry has seen its operating profits rise by 12.5% to £13.93m in the year to 31 December 2024, despite a fall in gross profit from £76.9m to £75.3m.
During the period, the British clothing retailer reported a 5.4% rise in profit before tax to £17.1m compared with £16.3m in 2023. However, the slight fall in profits left the company with a margin of 52.1%.
Turnover fell 3.7% year-on-year from £149.13m to £143.58m, which Fred Perry attributed to its focus on “full price sales and full price sell-through”.
Fred Perry Limited, which also owns outerwear brand Lavenham and footwear label George Cox, said it had shifted priorities after growing “by over 40% from the depths of the pandemic in 2020 to 2023”.
According to the company’s filing at Companies House, 2024 had been a year to refine its collections, approach and inventory.
Although turnover dipped, the group said the reduction in discounted sales had been offset by a stronger margin and higher profitability. It added that “missing [the 2023] target shouldn’t hide the key takeaway of a strengthening of the gross margin as well as a higher profit before tax percentage”.
The improvement, it said, was driven by lower stock purchase prices, narrower quarterly collections, cost control measures and a sales mix favouring higher-margin products such as the Fred Perry shirt. A move towards lower-priced leather goods, including wallets and belts, also supported steady sales throughout the year.
The company highlighted that recent collaborations, including one with menswear designer Craig Green, had “increased brand awareness and relevance”.
Fred Perry said it had maintained the price of its signature shirt “despite the economic pressures the company faces”, supported by long-term supplier relationships and forward contract purchasing.
Founded in 1952 by three-time Wimbledon champion Fred Perry, the brand now operates more than 200 stores worldwide, including locations in Glasgow, New York and Shanghai.
