Footasylum sales jump in first year as listed company

Total sales jumped by a third to £194.8m, with online sales growing a huge 41% and now responsible for 30% of all sales.

Adjusted pre-tax profits grew 4% to £8.4m in the year to February 24, 2018.

Pre-tax profit fell 77% due to £6m in exceptional items and a share-based payment charge of £0.4m.

Former JD Sports chief executive Barry Bown joined in a consulting role in March and took over as executive chairman on June 1.

The retailer opened 10 new stores during the period, upsized seven stores and refitted another two.

It continued to invest in its website and launched an own-brand website as well as apps for Footasylum, Kings Will Dream and SEVEN.

Chief executive Clare Nesbitt said: “While our core target market of the 16- to 24-year-old consumer has proved to be comparatively resilient in a downturn, our trading since the beginning of the new financial year has undoubtedly been impacted by the widely documented weak consumer sentiment on the high street.”

She said that while the retailer should deliver revenue in line with expectations over its current year, the “associated increase in both expected capital expenditure and property costs for the current year” would mean adjusted EBITDA growth would be more modest than during 2018.

She added: “In the longer term, we remain confident that the company’s differentiated, product-led, multi-channel proposition, combined with strong partnerships with core suppliers, will underpin its continued progress.”