AllSaints reveals record sales and profits performance
AllSaints has revealed sales up 36% to £457 million in year to January 2023 with operating up to £28.5 million (2002: £10.4m) with the record results attributed to a number of factors including product development, growing e-commerce and store network and "rigorous" inventory management.
The premium British fashion brand achieved sales of £390.9 million during the period (up 25% year-on-year) with e-commerce and store sales up 22% to £326 million and wholesale, franchising and licensing up 44% to £65 million. The group's October 2021 acquisition, US luxury brand John Varvatos, hit sales of £66.1 million.
AllSaints said the positive momentum had continued into the new financial year with both AllSaints and John Varvatos brands delivering "good revenue and EBITDA growth".
A new e-commerce platform was said to be supporting strong digital growth and improvements in customer service capabilities. The group’s international expansion has also moved forward with the opening of the first AllSaints store in mainland China (Shanghai) in April 2023.
In terms of production development and store innovation the brand unveiled a new sunglasses collection and a new AllSaints store design concept was recently unveiled in Los Angeles.
Last year the group also stepped up ESG activity by launching its first community spirit fund. Teams across the business propose how they would like to make a positive impact in their area and the group provides paid volunteering leave and funding to enable teams to implement their ideas. Examples of initiatives include protecting marine life in California, providing skateboards to foster children in New Orleans, supporting deaf children in the west of Scotland and breast cancer awareness in Sheffield.
CEO Peter Wood said the business was confident in its future prospects: “This has been a record year for AllSaints, and these results are a huge credit to the passion, creativity and hard work of our fantastic team around the world. The performance has been driven by our intense focus on product development, ecommerce excellence, growing our global store network, and rigorous inventory management.
“AllSaints continues to go from strength to strength, with 25% growth in FY23 and entry into mainland China for the first time being just two of a long list of recent milestones for the brand. During its first full year with us, we’ve also been pleased with the performance of John Varvatos, which has returned to growth and is showing huge potential in the alternative luxury menswear market. Given the strong momentum across both brands, and our proven resilience in even the most challenging consumer environments, we remain hugely confident in the Group’s future prospects.”