FatFace profits triple with help from digital sales
FatFace has reported a 15% rise in sales to £282 million for the 52 weeks ending 27 May 2023, with digital channels continuing to perform ahead of expectations.
The brand saw digital sales lift 18%, driven by an increase in visits and average order values. This channel now accounts for 40% of the business, compared to 39% in 2022.
In-store sales across the UK "performed strongly" and are now back to pre-pandemic levels, FatFace also revealed.
Underlying EBITDA (excluding adjustment for IFRS16) rose 3% to £26 million, compared to £25.1 million the previous year.
Statutory profit-after-tax for the period trebled to £17.3 million.
Looking ahead, the brand said it is "on track" to deliver a number of key commercial initiatives. This includes the launch of a new partnership with N Brown and its first two store openings in the Republic of Ireland since the pandemic.
Will Crumbie, CEO of FatFace, said: "I am delighted to report this stellar set of results, which demonstrate the strength of both the FatFace brand and our ability to execute against our objectives.
"Our strategy remains simple: we are a digital-first brand, providing customers with high quality, responsibly sourced clothing for all the family, underpinned by a seamless customer experience.
"We remain relentlessly focused on executing against our plans and continuing to drive the business forward."
