Fashion brand Allsaints achieved another record year after a boost to its wholesale, franchise and licensing revenue offset a fall in its retail performance.
The London-headquartered company has posted a total revenue for the year to 3 February, 2024, of £459.5m, a rose of 0.6 per cent compared to the prior 12 months.
Its wholesale, franchise and licensing revenue jumped by 18.4 per cent to £77m but its retail sales fell by 2.9 per cent to £316.5m.
Allsaints’ operating profit jumped by 40 per cent in the year to £39.9m while its pre-operating exceptional EBITDA (earnings before interest, taxes, depreciation, and amortisation) grew by 18 per cent to £68.9m.
The results include those of John Varvatos, the New York-based alternative luxury menswear brand, which was acquired by Allsaints in October 2021.
‘We remain as confident as ever in our future prospects’ – Allsaints boss
Peter Wood, chief executive of Allsaints, said: “We are delighted to be reporting another record performance for the third year in a row.
“We are particularly pleased that our clear focus on growing our wholesale, franchise and licensing partnerships around the world means that we are reaching more customers than ever before.
“This has allowed us to improve the quality of our retail revenues by reducing our promotional and markdown activity despite continued challenging market conditions.
“This in turn has delivered improved margins and a new best-ever EBITDA performance for our group.
“As always, these results are testament to our amazing people and their fantastic energy, creativity and teamwork along with the ongoing support of our vendors and partners.
“As a team we are hugely proud of what we have achieved, but we are even more proud of the way in which we’ve achieved it.
“2024 is the 30th anniversary of the iconic Allsaints brand, and is shaping up to be another hugely successful and eventful year for us.
“Our new fragrance collection and our launches into new areas such as smAllSaints, eyewear, underwear and men’s tailoring are a great demonstration of the versatility and strength of our brand.
“There is good momentum across the entire group, with John Varvatos delivering a great start to the year. As a result, we remain as confident as ever in our future prospects.”