Footasylum has reported an impressive financial performance, describing it as ‘on track for another successful year’.
- Total revenue surged by 7% year on year to £319.5m, marking a continuation of strong growth.
- Online and wholesale sectors saw substantial increases, contributing significantly to the company’s earnings.
- The retailer strategically expanded its physical presence with new and larger stores in key locations.
- Leadership changes, including a new CEO, have positioned Footasylum for future success.
Footasylum’s financial results for the year ending 27 January 2024 showcase a remarkable achievement, with the company’s pre-tax profits more than doubling to £6m. This significant gain points to a robust business model and effective strategies implemented throughout the fiscal year.
Total revenue increased by 7% compared to the previous year, reaching £319.5m. This growth trajectory is reinforced by a 15% rise in online sales, which now constitute 42.2% of total sales, up from 39.6% the previous year. Wholesale sales experienced an impressive 87% increase, reaching £16.8m, thus accounting for 5.3% of total sales, a notable rise from 3% in the prior year.
In-house brands such as Zavetti Canada and Monterrain have bolstered Footasylum’s market position, with womenswear and junior categories experiencing significant sales growth of 16% and 14%, respectively. The underlying EBITDA saw a 41% rise to £22.4m, with operating profit up by 61% to £10.4m, illustrating a strong operational efficiency.
The retailer continued to strengthen its physical retail footprint, opening new stores and expanding existing ones. Noteworthy developments include a 20,000 sq ft flagship store on Oxford Street that opened in September 2023, an 11,000 sq ft outlet in Birmingham’s Bullring, and a 6,000 sq ft store at Hertfordshire’s Atria Watford in October. These expansions are part of Footasylum’s strategy to enhance consumer access and engagement.
Footasylum’s leadership saw a transition with the appointment of David Pujolar as CEO, a strategic move aimed at furthering the company’s growth objectives. Former general manager of Italian sportswear retailer AW Lab, Pujolar succeeded Barry Bown, bringing fresh vision and experience to the company.
CFO Nick Scott expressed confidence in Footasylum’s direction, citing ‘record revenues and profits, driven by double-digit growth in both wholesale and online sales’. He emphasised the enhancement of technology to support the omnichannel customer journey and the expansion of Footasylum’s brand portfolio as pivotal to its continued success. Tobias Klaiber, managing director at Aurelius Group, the owner of Footasylum, lauded the management team’s efforts in aligning with the strategic goal of becoming a disruptive entertainment company and leading brand incubator.
Footasylum’s strong performance and strategic initiatives leave it well-positioned for continued growth in the coming years.
