Footasylum hails year of ‘record’ sales growth
Footasylum has reported an uplift in full year sales as profit as it continues its store opening programme across the UK.
In the year to 27 January, the streetwear and sportswear retailer posted a revenue increase of 7% to £320 million to mark a year of record growth.
Meanwhile, EBITDA climbed by 38% to an all time high of £22 million.
Footasylum said its performance was boosted by close management of gross margin and operating costs.
Sales grew across all channels including the retailer’s stores, app, website and wholesale division.
During the year, Footasylum continued its store opening and upsizing programme, which included the launch of a 20,000 square-foot flagship on London’s Oxford Street, as well as new stores in the Lakeside, Birmingham Bullring and Atra Watford shopping centres.
The retailer also implemented a new omnichannel point-of-sale system to enable customers to shop seamlessly online and in-store.
Barry Bown, executive chairman and chief executive of Footasylum, said: “With the support of Aurelius, we have expanded Footasylum’s unique offering across the UK’s busiest high streets and shopping centres. We have also been successful in internationalising the brand by reaching new audiences through our flagship Oxford Street store and by growing our non-UK online sales.
“Despite the fact that UK consumers are feeling the squeeze from continued inflation and higher interest costs, I am confident that Footasylum will keep on growing over the next 12 months.
“By continuing to identify the latest trends, and incubating new and leading fashion brands, Footasylum has a strategy that is highly effective and entirely consistent with the brand’s DNA.”
