Footasylum has reported a significant increase in pre-tax profits, more than doubling to £6m for the year ending 27 January 2024.
- Total revenue rose by 7% year-on-year, reaching £319.5m, marking another strong growth period.
- Online sales saw a 15% increase, contributing to 42.2% of the overall revenue, up from the previous year’s 39.6%.
- Wholesale revenues also saw substantial growth, increasing by 87% to reach £16.8m and representing 5.3% of total sales.
- The brand continues to expand with new store openings and a renewed focus on its flagship locations.
Footasylum has disclosed its audited financial results showing a significant boost in pre-tax profits, more than doubling to £6 million for the fiscal year ending on 27 January 2024. This performance highlights robust growth and effective management strategies.
During this period, total revenue increased by 7% year-on-year, achieving a total of £319.5 million. This increase reflects the retailer’s ability to sustain its market position and adapt to consumer trends, ensuring ‘another year of record growth.’
Online sales have been a crucial component of this growth, rising by 15% to £134.9 million, which now accounts for 42.2% of Footasylum’s total sales—an increase from the 39.6% reported in the previous fiscal year. This demonstrates the retailer’s successful adaptation to digital retail trends.
Similarly, wholesale revenues experienced an impressive 87% growth, totalling £16.8 million and making up 5.3% of Footasylum’s total sales. The company’s ability to elevate wholesale as a significant revenue stream is evident from the previous year’s figure of 3%.
The company’s expansion includes key retail store openings, such as the 20,000 sq ft flagship on Oxford Street and new locations in Birmingham’s Bullring and Hertfordshire’s Atria Watford. These developments are in line with Footasylum’s strategy to enhance its physical retail presence.
Footasylum’s own brands, including Zavetti Canada and Monterrain, have been pivotal in driving sales, particularly in the womenswear and juniors categories, which saw year-on-year increases of 16% and 14%, respectively. Their successful brand portfolio expansion supports Footasylum’s broader growth objectives.
Underlying EBITDA saw a 41% rise to £22.4 million, while operating profit increased by 61% to £10.4 million, underscoring the business’s strong financial performance. Footasylum’s CFO, Nick Scott, attributed this success to the company’s digital-first approach and store expansion strategy.
Leadership changes, including the appointment of David Pujolar as CEO, have further strengthened Footasylum’s management team. His experience from Italian sportswear retailer AW Lab positions the company for further growth under its transformative vision.
CFO Nick Scott highlighted the company’s achievements in digital sales and wholesale growth, stating the company’s optimism for future prospects due to its ambitious growth strategy.
According to Tobias Klaiber from Aurelius Group, which acquired Footasylum in August 2022, the progress aligns with their strategic vision to evolve Footasylum into a ‘disruptive entertainment company and leading brand incubator.’
Footasylum’s financial results and strategic initiatives strongly position it for continued success and future growth.
