The British brand Weird Fish experienced a notable profit rise in 2023 despite a dip in revenue.
- Earnings before interest, taxes, and amortization (EBITA) soared by 80%, reaching £2.6 million.
- Gross profit increased by 14% to £21.3 million, while revenue declined by 4% to £38 million.
- Enhanced marketing strategies led to reduced discounting and improved average basket value.
- Weird Fish plans to expand its retail presence significantly over the next two years.
In 2023, the British lifestyle brand Weird Fish reported a significant increase in profitability, with earnings before interest, taxes, and amortization (EBITA) rising by 80% to reach £2.6 million. This financial improvement came even as the brand’s revenue dipped by 4% to £38 million. Such results underscore the company’s strategic focus on enhancing profitability and optimizing stock sell-through rates.
Gross profits for the year saw a commendable 14% increase, amounting to £21.3 million. This was achieved through better-coordinated marketing campaigns across all channels, which helped reduce the reliance on discounting and increased the average value of customer baskets. These initiatives contributed to a 9% rise in gross margins, bringing them up to 56%.
The brand’s trading performance in the early months of the new financial year aligns with management’s projections, indicating ongoing improvements in profitability. The CEO, David Butler, articulated that a primary objective for 2025 is to bolster sales and profitability by enhancing digital capabilities, nurturing partnerships, and exploring new store opportunities.
Growth plans include the addition of five new UK stores by the end of the current financial year, following the opening of seven stores in 2023. By 2025, Weird Fish aims to have 29 stores, primarily located in market towns and coastal areas, effectively doubling store numbers since Butler took leadership in late 2023.
The brand has launched three distinct collections—Outdoor, Heritage, and the new WF collection—and continues to forge strategic partnerships with organisations like the Royal Society for the Protection of Birds (RSPB) and the Caravan Club. Agreements with prominent retailers such as Next, Mountain Warehouse, and Debenhams will facilitate wider distribution through their online platforms.
Weird Fish’s strategic initiatives have positioned it on a positive growth trajectory, with promising expansion plans underway.
