Footasylum has more than doubled its pre-tax profits and is “on track for another successful year” thanks to the opening and upsizing of stores.
The sportswear retailer posted a 112% surge in pre-tax profit to £6m in the year to 27 January, up from £2.8m.
Sales jumped 7% to £319.5m, boosted by a 15% surge in online revenue to £134.9m and an 87% increase in wholesale sales.
Womenswear and Juniors, which have been key areas of focus for the business, reported a sales increase of 16% and 14% respectively.
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Footasylum partly attributed its “another year of record growth” from its ongoing store opening and upsizing programme, which has included a 20,000sq ft flagship on London’s Oxford Street, 10,000sq ft store in Lakeside shopping centre in Essex and a 6,000sq ft shop in Atria Watford.
The retailer said its strong performance had continued into the current financial year and as such, it was “on-track for another successful year”.
Chief financial officer Nick Scott said: “We are delighted to report that FY24 has marked Footasylum’s best-ever financial performance.
“We achieved record revenues and profits, driven by double-digit growth in both wholesale and online sales. Our performance was also supported by the success of our creative content channels, which now boast an astonishing 5.8 million followers.
“During the period, we also made strategic investments for future growth. We enhanced our technology to support our omnichannel customer journey, expanded our highly popular own brand portfolio, and continued our digital-first, bigger-and-better store expansion programme.
“With strong momentum across the business, and the proven success of our ambitious growth strategy, we are extremely optimistic about Footasylum’s future prospects.”
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