AllSaints has a year to remember with record performance

By

Nigel TAYLOR

Published
Aug 20, 2023

All hail AllSaints. The UK-based fashion retailer had a strong 12-month trading period to 28 January, delivering record sales and profits.

CEO Peter Wood cited a combination of “product development, e-commerce excellence, a growing global store network, and rigorous inventory management” helping it deliver this “best-ever performance”.

And he also said the 2023 trading performance from end-January to end-June has continued to be positive, with both the AllSaints and John Varvatos brands "delivering good revenue and EBITDA growth”.

The results, which included a full year of trading for US luxury menswear brand John Varvatos (acquired in October 2021), show total revenue in the period leapt 36% to £457 million with AllSaints brand revenue alone up 25% to £390.9 million.

By sector, Retail (stores and e-commerce) revenue rose 22% to £326 million, while Non-Retail (wholesale, franchise and licensing) revenue climbed an impressive 44% to £65 million.

John Varvatos revenues for the period hit £66.1 million.

In the earnings column, pre-operating exceptional EBITDA rose 50% to £58.6 million, post-operating exceptional EBITDA lifted 66% to £59.1 million and operating profit climbed £18.4 million to £28.5 million from the year-ago period.

The gross profit margin also increased to 62.2% from 61% in 2022, driven by stronger full price trading, it noted. 

Another positive saw its net cash position hitting £46.8 million compared with £31.1m at the end of the previous period. 

It noted the elevated performance was supported by “new products and continued international store rollout”, including in Taiwan and South Korea.

It also cited investment in a new e-commerce platform in the prior year that “continued to improve customer service capabilities and is supporting a strong digital performance”. 

Meanwhile, the group’s international expansion includes the opening of the first AllSaints store in mainland China (Shanghai) in April. Product and store innovation has also continued, with a new AllSaints eyewear collection launched in spring, and a new store design concept recently unveiled in Los Angeles. 

Wood added: “AllSaints continues to go from strength to strength, with 25% growth in FY23 and entry into mainland China for the first time being just two of a long list of recent milestones for the brand.

“During its first full year with us, we’ve also 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.”