Monday, August 15, 2022

Footasylum posts huge profit increase amid struggling footwear sector

Footasylum recorded huge hikes in sales and profits for its last financial year as it continues expansion.

The footwear retailer announced a 40 per cent rise in sales up to £110 million for the 12 months to February 28. 

Its gross profits rose by nearly as much as it posts a 36.6 per cent rise to £48.5 million.

With more than 50 stores in the UK, the retailer attributes its large expansion program to its successful year, opening 10 stores during the period with plans for another 10 next year.

“During the year, total sales increased 41.6 per cent and like-for-like sales and gross margin remained significantly positive,” chief executive John Wardle said. 

READ MORE: Footasylum unveils its first m-commerce site

“Set off against positive trading for the year were major changes to infrastructure and in particular warehousing, creating a solid basis for the future progression of the business.

“The group is well funded and maintains its focus and investment in infrastructure and the strength of its management team. The directors also believe the business is well placed to exploit current market opportunities but continue forward on a prudent and cautious basis.”

This comes amid today‘s report from the ONS showing the footwear industry in decline, with sales volumes dropping by 5.4 per cent and spend down a further five per cent in September.

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