Footasylum, a leading sportswear retailer, is poised for another record-breaking year with substantial profit increases.
- The company achieved a remarkable 112% increase in pre-tax profit, reaching £6 million this financial year.
- Sales experienced a notable 7% growth, driven by a 15% rise in online revenue and an 87% surge in wholesale sales.
- The strategic expansion of store locations, including a new flagship on Oxford Street, underpinned this success.
- Chief Financial Officer Nick Scott attributes their success to strategic investments and an omnichannel customer strategy.
Footasylum has demonstrated exceptional growth this financial year, increasing its pre-tax profits by an impressive 112% to £6 million. This leap from £2.8 million last year underscores the company’s successful financial maneuvers.
In addition to profit growth, Footasylum’s sales rose by 7%, amounting to a total of £319.5 million. A significant contributor to this development was a robust 15% increase in online revenue, totaling £134.9 million. Simultaneously, wholesale sales surged by 87%, highlighting the effectiveness of Footasylum’s diversified sales strategy.
Women’s and Junior categories, areas of focused development for Footasylum, reported sales increases of 16% and 14% respectively, further strengthening the brand’s market position.
The company attributes its consistent growth to a dynamic store opening and upsizing strategy. Noteworthy expansions include the establishment of a 20,000sq ft flagship store on London’s Oxford Street, a 10,000sq ft location at Lakeside Shopping Centre in Essex, and a 6,000sq ft store in Atria Watford. These strategic moves have significantly bolstered Footasylum’s physical retail footprint.
Nick Scott, Chief Financial Officer, remarks on this fruitful period, saying, “We are delighted to report that FY24 has marked Footasylum’s best-ever financial performance. We achieved record revenues and profits, driven by double-digit growth in both wholesale and online sales. Our performance was also supported by the success of our creative content channels, which now boast an astonishing 5.8 million followers.”
Scott further highlighted the company’s continued investments in technology to enhance the omnichannel customer experience and the expansion of their own brand portfolio. This digital-first approach, combined with an ambitious store expansion program, propels Footasylum’s optimistic outlook for the future.
Footasylum’s strategic growth initiatives and robust market performance position it well for continued success.
