Seasalt, the British clothing and lifestyle brand, has marked a remarkable 146% increase in operating profit, achieving £7.9 million for the financial year ending 27 January. This growth was predominantly driven by exceptional performance in physical stores across the UK and Ireland.
- The company reported a 12% rise in total revenue, bringing it to £132.6 million, supported by increased spending per customer visit.
- Seasalt expanded its footprint by opening several new stores in the UK and Ireland, with a total now reaching 73 profitable locations.
- Collaborations with third-party platforms like Marks & Spencer and Next have proved successful, now accounting for 13% of group revenues.
- Future growth plans include launching its first North American store in New England and ambitions to expand further in the US over the next three years.
Seasalt, a well-loved British clothing and lifestyle brand, has reported an impressive 146% rise in operating profit, reaching £7.9 million by the end of January 2023. This significant growth underscores the company’s robust performance in the retail sector amidst ongoing economic challenges.
Total revenue for Seasalt saw a notable 12% increase year on year, totalling £132.6 million. This surge is attributed to record-breaking sales in physical shops, with each store not only exceeding last year’s figures but also showing a 10% increase across the board. The commitment of customers to spend more per visit has evidently bolstered these figures, illustrating a strong consumer trust in the brand.
Seasalt’s retail expansion has been evident with new stores opening in key locations across the UK and Ireland, such as Sheffield, Aberdeen, Trentham, Malvern, and a pop-up in Plymouth, totalling 73 profitable outlets. The addition of a third Irish store in Kenmare further strengthens their presence.
Strategic partnerships have been pivotal to Seasalt’s success, with collaborations with major platforms like Marks & Spencer, Next, and Zalando expanding their reach. Currently, third-party platforms contribute 13% to the group’s revenue, up from 9% in the previous year.
Looking forward, Seasalt is set to embark on its North American journey with its first flagship store opening in New England. Over the next three years, the brand aims to establish 20 new locations across the United States, reflecting its ambitious global expansion plan. CEO Paul Hayes expressed confidence in continuing this growth trajectory, despite the retail sector’s challenges.
Seasalt’s strategic growth and robust performance underscore its promising future in both domestic and international markets.
