Footasylum has posted an increase in sales, which it credited to strong store performance despite a fall in profits for the full financial year.
The fashion and sportswear retailer posted a 6% increase in sales to reach £297.8m for the full year to January 28, 2023, up from £280.9m in 2022.
Footasylum reported a 4.9% increase in gross profit from £132.6m to £139.1m for the period while operating profit more than halved from £14.8m to £6.5m for the period.
The retailer attributed its increase in sales for the period to the “lifting of Covid-19 measures” as non-essential stores reopened during the year.
Footasylum also said store sales contributed 57.4% of the retailer’s group revenue during the year, while online sales and wholesale accounted for 39.6% and 3% of its revenue respectively.
In terms of outlook, the retailer said: “Footasylum is not immune to the widely reported challenges to physical retail in the UK. We remain conscious of the headwinds that prevail at this time, including the general macro-economic and geopolitical situation, and global inflation.
“The group strategy continues to focus on understanding and entertaining our consumers. Our product-led approach is data-driven by our consumer and experience buying team. This approach continues to drive our omnichannel strategy and digital investment, keeping Footasylum agile, relevant and competitive.”
Footasylum added that it plans to increase its store base and store performance during the 2024 full financial year with “continued growth in profitability.”
This comes after Footasylum announced plans earlier this year to expand its presence in the UK with the opening of new stores and the upsizing of existing stores, following a “notable increase in demand”.
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