Footasylum achieves 'best-ever year' thanks to online sales boost
Footwear retailer, Footasylum, has today revealed that it has achieved its "best-ever financial performance" for the financial year ending 27 January 2024.
Footasylum’s revenues were up 7% to £319.5 million, marking another year of record growth, and EBITDA was up 41%. This was driven by an 87% rise in wholesale sales, which now account for 5.3% of total sales and a 15% rise in online sales, which now account for 42.2% of total sales.
Overall, the retailer’s operating profit increased by 61% to £10.4 million.
The retailer credits its financial success to its continued investment in new and upsized stores as well as its omnichannel retail technology.
Its store opening and upsizing scheme included:
- A flagship 20,000 sq ft Oxford Street store, opened in September
- An 11,000 sq ft store in Birmingham Bullring, opened in October
- A 10,000 sq ft store in Lakeside Shopping Centre, opened in September
- A 7,000 sq ft store in Westfield Stratford, opened in August
- A 6,000 sq ft store in Atria Watford, opened in October
- A 6,000 sq ft store in Leicester’s Fosse Park, opened in November
Footasylum’s strong performance has continued into FY25, and the company is currently "on track" for another successful year.
Nick Scott, Footasylum’s Chief Financial Officer, said: "We are delighted to report that FY24 has marked Footasylum’s best-ever financial performance. We achieved record revenues and profits, driven by double-digit growth in both wholesale and online sales. Our performance was also supported by the success of our creative content channels, which now boast an astonishing 5.8 million followers.
"During the period, we also made strategic investments for future growth. We enhanced our technology to support our omnichannel customer journey, expanded our highly popular own brand portfolio, and continued our digital-first, bigger-and-better store expansion programme. With strong momentum across the business, and the proven success of our ambitious growth strategy, we are extremely optimistic about Footasylum’s future prospects."
Tobias Klaiber, Managing Director at Aurelius Operations Advisory, added: "Footasylum's continued strong growth underpins the impact of the bespoke guidance that we are able to provide with our team at Aurelius Operations Advisory.
We are particularly proud to see the strong management team thriving and positioning the company for further expansion, aligning with Footasylum’s strategy: transforming into a disruptive entertainment company and leading brand incubator."