Footasylum has more than doubled its pre-tax profits, underscoring a year of substantial growth driven by strategic store openings and expansion.
- The sportswear retailer experienced a 112% increase in pre-tax profit, reaching £6 million, alongside a 7% rise in total sales.
- Online and wholesale channels contributed significantly, with online revenue up by 15% and wholesale sales surging by 87%.
- Focused growth in womenswear and juniors segments yielded sales increases of 16% and 14%, respectively.
- Strategic investments in technology and brand expansion have reinforced Footasylum’s market position.
Footasylum has demonstrated impressive financial performance with its pre-tax profits soaring by 112% to £6 million in the fiscal year ending January 27, 2024. Sales increased by 7% to £319.5 million, notably due to a 15% boost in online revenue, which reached £134.9 million, and an 87% rise in wholesale sales.
The company attributes its growth trajectory in part to its strategic programme of opening and upsizing stores. This includes significant investments like the 20,000 sq ft flagship store on London’s Oxford Street and additional outlets across Essex and Watford, enhancing its physical retail footprint.
Chief Financial Officer Nick Scott remarked on the record-breaking financial success of the year, citing the role of double-digit growth in both wholesale and online sales. He also highlighted the impact of innovative content channels which have garnered 5.8 million followers, enforcing the brand’s digital presence.
During the period, Footasylum has committed to strategic investments aimed at long-term growth. These include advancements in technology to enhance the omnichannel customer experience, broadening its successful own-brand range, and continuing expansion with a digital-first approach.
The company’s focus on womenswear and juniors has been fruitful, with sales rising by 16% and 14%, respectively, reflecting consumer demand in these segments. With ongoing momentum and a robust growth strategy, Footasylum remains optimistic about future prospects.
Footasylum’s strategic focus on expansion and technology has led to record financial performance in FY24, positioning it strongly for future success.
