AllSaints celebrates record year
Fashion retailer AllSaints has celebrated a record year after a strong performance in wholesale, franchise and licensing offset declining revenue at its retail division.
In the 12 months to 3 February, total revenue edged up 0.6% to £459.5 million as the group reduced its promotional and markdown activity and changed its sales mix due to a focus on growing wholesale, franchise and licensing trade.
Retail revenue, including stores and ecommerce, fell by 2.9% to £316.5 million in the period, although wholesale, franchise and licensing revenue climbed by 18.4% to £77 million.
Meanwhile, operating profit surged by 40% to £39.9 million as pre-operating exceptional EBITDA climbed by 18% to £68.9 million.
During the year, the group continued to invest in technology to improve customer service. It also opened a range of new stores including an AllSaints new concept store in Los Angeles, the first AllSaints site in mainland China in Shanghai, and a shop for its John Varvatos brand in Houston in the US.
Peter Wood, chief executive of AllSaints, said: “We are delighted to be reporting another record performance for the third year in a row.
“We are particularly pleased that our clear focus on growing our wholesale, franchise and licensing partnerships around the world means that we are reaching more customers than ever before.
“This has allowed us to improve the quality of our retail revenues by reducing our promotional and markdown activity despite continued challenging market conditions. This in turn has delivered improved margins and a new best-ever EBITDA performance for our group.”
AllSaints said its performance across the group has been in line with expectations since the year end as it shifts towards targeted promotional activity to improve gross margin performance.
Wood said: “2024 is the 30th anniversary of the iconic All Saints brand, and is shaping up to be another hugely successful and eventful year for us.
“There is good momentum across the entire group, with John Varvatos delivering a great start to the year. As a result, we remain as confident as ever in our future prospects.”
