Fashion brand Seasalt has set its sights on cracking the US as it prepares to open 20 stores across the Atlantic over the next three years.
The Cornwall-headquartered business, which is backed by BGF, is preparing to make a “longstanding ambition become reality” in the wake of its pre-tax profit surging during its latest financial year.
Newly-filed documents with Companies House have revealed that Seasalt’s pre-tax profit jumped from £470,681 to £6.7m in the year to January 27, 2024.
Its turnover also increased from £118.8m to £132.6m over the same period.
Seasalt boss hails ‘excellent year’
Chief executive Paul Hayes said: “Seasalt has had an excellent year with revenue up 12 per cent year on year.
“Despite facing ongoing external challenges and economic uncertainty, we have performed beyond our expectation, identifying and maximising opportunity in the market to arrive at an impressive set of results for the period ended January 2024.”
Chairman Mike Harrison added: “The year ahead marks a milestone for the business when we will open our first Seasalt stores in North America, seeing a longstanding ambition become reality.
“Our intention is to open up 20 stores in the US over the next three years, with a focus on growing our brand significantly in the US market.
“We have already established a good foundation through our existing partnerships as a springboard to accelerate our expansion and having a physical presence, through our store opening programme, is very important to us.
“We are confident that our reputation for exceptional customer service, the quality and aesthetic of our collection and our commitment to sustainability will appeal to customers in America.”
Seasalt’s UK turnover increased from £111.1m to £123.5m in the year while it rose from £5.6m to £6.8m in Europe. In the rest of the world, its sales went from £2.1m to £2.2m.
During the year, Seasalt increased its headcount from 1,194 to 1,287.
The results come after Seasalt revealed its results for the year to January 28, 2023, in May this year, more than six months after the Companies House deadline.