AllSaints announces record financial performance for the third consecutive year.
- The brand’s gross profit margin increased to a significant 63%.
- Total group revenue experienced a slight rise to £459.5m.
- Operating profit saw a notable increase of 40%, reaching £39.9m.
- Continued expansion with new store openings worldwide strengthens AllSaints’ market presence.
AllSaints has once again demonstrated its financial strength by reporting a record performance for the third straight year. The company’s gross profit margin has risen to 63%, a commendable improvement from last year’s 62.2%. This increase is attributed to positive customer reactions to seasonal product launches, coupled with reduced promotional and markdown activities and efficient inventory management.
The financial results for the year ended 3 February 2024 indicate that AllSaints’ total group revenue rose slightly by 0.6%, bringing it to £459.5 million, compared to £457 million in 2023. Growth was driven by a strategic focus on product, marketing, and distribution, which also resulted in an 18% increase in EBITDA. The non-retail sector, encompassing wholesale, franchise, and licensing, showcased robust growth, with revenue rising by 18.4%</strong% to £77 million from £65 million the previous year. Meanwhile, retail revenue, including stores and e-commerce, saw a decline of 2.9%</strong%, totalling £316.5 million.
Included in the results was the performance of John Varvatos, an alternative luxury menswear brand that AllSaints acquired in October 2021. John Varvatos’ revenue remained stable at £66 million, reflecting a consistent performance compared to the previous year’s £66.1 million.
Operating profit for the group climbed by a significant 40% to reach £39.9 million, an increase of £11.4 million, of which £5 million was attributed to increased exceptional income. CEO Peter Wood expressed satisfaction with the results, quoting, “We are delighted to be reporting another record performance for the third year in a row.”
As it celebrates its 30th anniversary, AllSaints has expanded its global footprint with new store openings, including a concept store in Los Angeles, its inaugural store in mainland China, and a new John Varvatos outlet in Houston. This aggressive expansion strategy underscores AllSaints’ commitment to reaching new markets and enhancing the quality of retail revenue by reducing reliance on promotions and markdowns.
AllSaints’ strategic emphasis on growth and market expansion continues to yield significant financial success and global reach in 2024.
