Weird Fish has reported rising profits despite a dip in sales as it ramps up UK expansion

Weird Fish posted an 80% rise in EBITDA to £2.6m for the full year to December 31, 2023.

Gross profit at the fashion retailer was up 14% to £21.3m and the company’s gross margin was up to 56% during the period,

Revenue at Weird Fish dropped 4% to £38m, which the retailer said was a result of narrowing its focus on “improving profitability and greater sell-through at full price”.

During the year Weird Fish said it accelerated its investment in both online and its stores, as well as reducing its overall discounting across the business.

The fashion retailer also hailed its “better-coordinated marketing campaigns” and increased average basket size value.

Weird Fish said it remains on track to end the year having opened 12 new stores and has plans to open a further seven stores in 2025, doubling its store estate since chief executive David Butler joined the business at the end of 2023.

Weird Fish reported trading during this year so far to be “in line with management’s expectations”, and added that it anticipates improved profitability and further UK expansion as it progresses.

The retailer also confirmed it has signed deals with Next Label Plus, Mountain Warehouse and Debenhams as new third-party partners to sell its products online this year in a bid to increase customer engagement.

Butler said: “My focus since joining at the end of last year has been to create a more profitable business, accelerate opportunities available to the brand and identify new areas of growth potential.

“The business is now on a positive growth trajectory and we’re confident of further expansion this year and next as we enhance our product ranges, and drive margin and customer engagement through our improved multichannel presence.

“Weird Fish is a well-established brand with a loyal and broad customer following who enjoy shopping both online and in store. We’re enhancing the ranges we sell to appeal to both existing and new customers, and ensure we can provide them with clothes for every occasion.

“We have a complementary store portfolio of prime sites, commuter locations and outlets, and are not exposed to major city centres and expensive flagship sites.

“A key objective for 2025 will be to continue to drive sales and profitability by strengthening our digital capabilities, partnerships and sponsorships, while also looking to grow our store estate.”