AllSaints posts record results as product focus pays off

AllSaints attributed its strong performance to factors including product development and its ecommerce proposition.

The retailer generated a 36% increase in total sales to £457m in the year to January 28.

AllSaints’ retail division, comprising stores and ecommerce, achieved a rise in revenue of 22% to £326m, while turnover at the wholesale, franchise and licensing arm was ahead 44% to £65m.

Operating profit more than doubled to £28.5m from £10.1m the previous year, while pre-operating exceptional EBITDA rose 50% to £58.6m.

The results included a full year of trading for John Varvatos, the New York-based menswear brand acquired by AllSaints in October 2021.

AllSaints reported that as well as new products the international rollout of stores, including in Taiwan and South Korea, had helped performance.

In the current financial year, the retailer said “trading performance has continued to be positive” and that AllSaints and John Varvatos have both been “delivering good revenue and EBITDA growth”.

Investment in a new ecommerce platform has improved customer service capabilities “and is supporting a strong digital performance”.

The retailer has also opened its first AllSaints store in mainland China since the year end and unveiled a new store design in Los Angeles.

AllSaints chief executive Peter Wood said: “This has been a record year for AllSaints, and these results are a huge credit to the passion, creativity and hard work of our fantastic team around the world.

“The performance has been driven by our intense focus on product development, ecommerce excellence, growing our global store network and rigorous inventory management.

“AllSaints continues to go from strength to strength… During its first full year with us, we’ve been pleased with the performance of John Varvatos, which has returned to growth and is showing huge potential in the alternative luxury menswear market.

“Given the strong momentum across both brands and our proven resilience in even the most challenging consumer environments, we remain hugely confident in the group’s future prospects.”