Seasalt experiences unprecedented growth with a 146% rise in operating profit to £7.9m.
- Total revenue for Seasalt increased by 12% year on year, reaching £132.6m due to strong physical shop sales.
- The retailer expanded significantly, opening new stores across the UK and Ireland, totalling 73 profitable locations.
- Partnerships with third-party platforms such as Marks & Spencer and Next contributed to 13% of group revenues.
- Seasalt is gearing up for its first North American expansion with a planned store in New England.
Seasalt has reported a landmark achievement, marking a 146% rise in operating profit to £7.9 million for the fiscal year ending 27 January. This notable increase has been largely driven by strong sales in its physical stores, supported by new openings across the UK and Ireland.
The company’s total revenue grew by 12% from the previous year, reaching £132.6 million. This growth is attributed to what Seasalt describes as ‘record-breaking’ sales in its shops. All stores demonstrated considerable progress, achieving a 10% increase in sales compared to the prior year, while customers increased their expenditure per visit substantially.
Over the course of the year, Seasalt strategically expanded its retail footprint by inaugurating several new stores in strategic locations, including Sheffield, Aberdeen, Trentham, Malvern, a temporary outlet in Plymouth, and a third Irish store in Kenmare. These expansions have elevated the company’s portfolio to a total of 73 profitable stores.
In addition to physical store expansion, Seasalt has made significant advancements in its partnerships with key third-party platforms such as Marks & Spencer, Next, and Zalando. These collaborative efforts currently constitute 13% of the group’s total revenue, a noticeable rise from 9% in the previous year. This development underscores the company’s successful strategy in diversifying its sales channels.
Notably, Seasalt is preparing to widen its horizons with its first entry into the North American market. The first store in New England is scheduled to open in the summer, aligning with the company’s ambitious plan to roll out 20 locations across the United States over the next three years.
Seasalt’s strategic expansion and robust sales performance underscore its potential for continued growth despite economic uncertainties.
