AllSaints, a global fashion brand, has announced a record financial performance.
- The company’s gross profit margin rose to 63% for the fiscal year ending February 2024.
- Total group revenue increased slightly by 0.6% to £459.5 million compared to the previous year.
- Earnings before interest, taxes, depreciation, and amortization (EBITDA) grew by 18%, driven by strategic focus areas.
- Retail revenue, however, faced a decline while non-retail sectors showed significant growth.
AllSaints has reported its financial results for the year ending February 2024, marking a record performance. The fashion brand’s gross profit margin reached 63%, a notable rise from 62.2% in the previous year. This improvement was attributed to positive customer reactions to new seasonal products, reductions in promotional activities and markdowns, and efficient inventory management.
Total revenue for the group increased marginally by 0.6% to £459.5 million, compared to £457 million in 2023. The earnings before interest, taxes, depreciation, and amortization (EBITDA) showed a substantial increase of 18%. According to the group, this growth is the result of a sustained focus on product, marketing, and distribution strategies.
Retail revenue, encompassing both physical stores and e-commerce, experienced a decline of 2.9%, falling to £316.5 million from £326 million the previous year. In contrast, the non-retail sector, which includes wholesale, franchise, and licensing, saw an impressive increase of 18.4%, reaching £77 million compared to £65 million in 2023.
The financial report also includes results from John Varvatos, a New York-based alternative luxury menswear brand acquired by AllSaints in October 2021. John Varvatos’ revenue remained steady at £66 million, reflecting a stable performance from the previous year.
The operating profit for AllSaints surged by 40% to £39.9 million, rising from £28.5 million in the prior year. This increase was partially influenced by a £5 million rise in exceptional income.
Peter Wood, CEO of AllSaints, expressed his satisfaction with the record performance, citing the effective growth in wholesale, franchise, and licensing partnerships as key contributors. This strategic expansion has not only expanded their customer base but also improved the quality of retail revenues by minimizing discounts and markdowns, despite challenging market conditions.
The year 2024 marks AllSaints’ 30th anniversary, with significant milestones including the opening of a new concept store in Los Angeles, a debut store in mainland China, and a new John Varvatos store in Houston.
The financial achievements of AllSaints illustrate the effectiveness of their strategic focus and global expansion efforts.
