Footasylum hails “record” sales and profit performance
Footasylum has posted uplifts in sales and profit in the 12 months to 27 January 2024 to mark a further year of record growth.
Total revenue increased by 7% to £319.5 million after trade was boosted by a 15% rise in online sales and an 87% increase in its wholesale business, which now accounts for 5.3% of total sales.
Womenswear and childrenswear also saw strong growth with respective sales uplifts of 16% and 14% as the retailer made both categories a key focus, especially in stores.
Meanwhile, underlying EBITDA increased by 41% to £22.4 million while pre-tax profit climbed by 112% to £6 million.
Nick Scott, Footasylum chief financial officer, 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 year, Footasylum opened new stores in Birmingham Bullring, Lakeside, Westfield Stratford, Atria Watford and Leicester’s Fosse Park. It also launched a 20,000 square foot flagship on London’s Oxford Street and invested in enhancing its technology capabilities.
In March, Footasylum appointed David Pujolar as its new chief executive who has previously worked with AW Lab, Adidas, Foot Locker and Tommy Hilfiger.
Footasylum said the strong performance has continued into its new financial year.
Scott added: “With strong momentum across the business, and the proven success of our ambitious growth strategy, we are extremely optimistic about Footasylum’s future prospects.”
