Seasalt has defied the gloomy climate of the high street after recording another year of strong sales and underlying profits.
For the year ending January 27, sales rose 23 per cent to £51 million – making it the Cornish lifestyle retailer’s ninth consecutive year of year-on-year sales growth above 20 per cent.
Online sales grew 33 per cent and now accounts for 40 per cent of Seasalt’s overall sales.
Meanwhile, underlying operating profit skyrocketed 66 per cent and EBITDA increased from seven per cent of sales to 8.7 per cent.
However, because profit before tax was affected by accounting rules, it stood at £367,884.
Seasalt did not provide a monetary value for its underlying operating profit or publish profit figures.
Nonetheless, the retailer credited its growth to strong customer demand and sticking to full-price trading.
“The customer has realised that we price our product affordably, and we’ve concentrated on providing great quality,” chief executive Paul Hayes said.
“We’ve got 12 launches a year now coming through on a regular basis and we’re seeing the customer engage with that.”
Seasalt trading for the current year was strong, with like-for-like sales continuing to grow.