Hush hails record full year results
The Hush women’s fashion brand has posted record financial results for the year to 27 March after seeing strong growth in its number of new customers.
Revenue increased by 23% to £58 million despite the impact of lockdowns on the company’s own stores and partner estates. Online sales were particularly buoyant, climbing by 43% and accounting for 95% of total sales.
The results meant that full year operating profit increased by 169% to £11.4 million.
The company also saw its customer database rise by 25% after the number of new customers introduced to the business climbed by 54%.
During the year, Hush appointed Susanne Given as its first ever non-executive chair and promoted Kate Bartman to the position of chief executive and Sheila McKain to the role of chief product officer. In addition, Don Davis joined from ASOS as chief financial officer; Peter Davies from Superdry as chief technology officer; and Andrew Woodward from Selfridges as chief marketing officer. It also received the first external investment in the company’s 18-year history from the True Global private equity firm.
Bartman said: “We’re delighted to report a record financial performance in the year to March 2021, with strong sales and profit growth despite the impact of Covid-19 on some of our sales channels. Our business has more than trebled in size over the past four years which is a testament to the strength of our brand, our high-quality products and excellent customer engagement. With this strong momentum, as well as the exciting investments we have made in our people and business, we are very excited about our long-term growth plans.”
Hush said the momentum has continued into the first six months of the new financial year with revenue up 20% compared to last year and up 42% on a two-year basis.
Bartman added: “We’re pleased to say that our momentum has continued into the current year against a challenging retail backdrop, and with our growing and loyal customer base, exciting new collections, and the strong performance of our bricks-and-mortar retail channels to complement our rapidly growing digital sales, we are very well positioned as we enter the Christmas trading period.”
