Seasalt has hailed another “record-breaking” year as sales were boosted by the fashion retailer’s UK and Ireland store expansion.
The Cornwall-inspired clothing chain posted a pre-tax profit of £6.8m in the year to 27 January, up from £470,681 the year before when it experienced a “significant” hike in inbound freight and container rates impacted its margins.
Sales jumped 12% to £132.6m, which it attributed to a 10% increase in store sales during the period, The Times reported.
Seasalt took its total store estate in the UK and Ireland to 73 last year, opening new shops in Aberdeen, Malvern in Worcestershire, Meadowhall in Sheffield, Trentham in Stoke-on-Trent, a pop-up in Plymouth, as well as its third Irish store in Kenmare, Kerry.
Related Story
The retailer said customers spent “significantly more” per visit, which “belies the pressures that have been experienced more broadly in the retail sector and the business landscape recently”.
Online delivered what it described as “modest” growth in sales against the previous year as shoppers returned to the high street.
Seasalt’s shop and online channels represent 79% of total revenue, with its stores representing 49% and online 51% of the split.
Chief executive Paul Hayes said: “Last year was a tough year for retail businesses, but we weathered the impact to evidence record-breaking revenue growth for the business in these statutory accounts.
“We’ve now got our focus firmly set on the future as the year ahead is a significant one for us, with the launch of our first Seasalt stores in North America.”
The retailer said that it is planning to open 20 stores in the United States over the next three years.
Click here to sign up to Retail Gazette‘s free daily email newsletter
