Sportswear retailer Footasylum is set for a prosperous year, evidenced by impressive financial growth.
- The company reported a more than twofold increase in pre-tax profits, reaching £6 million as of late January 2024.
- A significant 7% rise in total revenue resulted in £319.5 million, marking a year of record growth.
- Online sales surged by 15%, contributing to 42.2% of overall sales, reflecting the company’s strong digital strategy.
- Footasylum’s wholesale sales saw an 87% increase, supported by the popularity of its in-house brands.
Footasylum’s latest financial results reveal a robust trajectory, with pre-tax profits more than doubling to £6 million for the year ending 27 January 2024. This achievement is part of an overall positive trend showing a 7% increase in total revenue, reaching £319.5 million. The company continues to leverage its online presence effectively, with online sales rising by 15% to £134.9 million, now representing 42.2% of total sales, compared to 39.6% in the previous financial year.
The wholesale sector of Footasylum benefited from an 87% year-on-year growth, climbing to £16.8 million and accounting for 5.3% of total sales, up from 3% the prior year. The retailer’s strength in womenswear and juniors contributed significantly to this growth, with these segments recording increases of 16% and 14% respectively.
Underlying EBITDA showed a marked improvement with a 41% increase to £22.4 million, alongside a 61% rise in operating profit, which stood at £10.4 million. The expansion of the physical retail footprint has been instrumental, with key store openings including a flagship location on Oxford Street, and other substantial outlets in Birmingham’s Bullring and Atria Watford.
Strategic leadership changes were also part of Footasylum’s approach. In March, the company appointed David Pujolar, succeeding Barry Bown, as their new CEO. Pujolar’s experience with Italian sportswear retailer AW Lab is expected to further stimulate growth.
CFO Nick Scott underscored the company’s success by highlighting the synergy of wholesale and online sales growth, technological enhancements supporting omnichannel customer experiences, and the continued expansion of Footasylum’s own brand portfolio. Tobias Klaiber of Aurelius Group, Footasylum’s parent company, praised the management team’s performance and strategic direction towards becoming a disruptive force in the market.
Footasylum’s financial strategies and expansions clearly position it for another triumphant year ahead.
