All Saints back in black after non-retail boost
Fashion retailer All Saints returned to profit in its latest full-year results after increasing focus on its wholesale and licensing businesses.
Operating profit in the 12 months to 2 February was £3.6m, up from a loss of £6.2m the previous year.
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The east London-based company reported a loss before tax of £26.1m, compared to £32.8m in 2018.
Revenue increased from £327m to £330.9m, driven by 40 per cent boost in the firm’s non-retail divisions such as wholesale, franchising and licensing.
All Saints’ gross profit margin increased to 65.3 per cent compared with 64.9 per cent as the retailer reduced promotional activity during the year.
Chief executive Peter Wood has overseen an overhaul of the firm’s strategy since his appointment in September last year, increasing investment in the retailer’s core fashion offering and launching new products such as fragrance and watches.
In the first half of the current financial year – to 3 August- the firm reported year-on-year sales growth of 15 per cent, and a 63 per cent increase in non-retail revenues.
Wood, who joined the retailer in 2010 and was previously chief operating officer, said: “The financial year that ended in February 2019 saw us deliver our sixth consecutive year of top-line growth and a resilient Ebitda performance set against the backdrop of challenging market conditions.
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“We are delighted that our focus on product, marketing and disruption has resulted in a significant and sustained step up in our performance since the second half of 2018 which we have further improved on so far in our new financial year.”
Main image credit: Getty