// AllSaints’ new product-focused strategy bears fruit
// AllSaints reported revenue growth in every channel
AllSaints has reported a rise in operating profit thanks to its new product-focused strategy, which included investment in its core fashion categories.
In the year to February 2, the British retailer made an operating profit of £3.6 million, up from a £6.2 million loss in the 53 weeks to February 3 2018, Drapers reported.
Gross profit grew by 1.8 per cent to £216 million in the same period, driven by a reduction in promotional activity during the year.
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EBITDA before exceptional items remained flat at £20.6 million, while pre-tax loss improved from £33 million to £26 million.
Meanwhile, revenue was up 1.2 per cent to £331 million, marking the sixth consecutive year of sales growth.
AllSaints reported revenue growth in every channel.
The fashion retailer has also attributed the success to the strengthening of its leadership team.
Peter Wood was appointed as chief executive in September 2018, having previously been chief operations officer since 2010.
He appointed the former Ted Baker womenswear director Catherine Scorey Jobling as chief operating officer in January.
The team has since introduced a new product-focused strategy, which has seen it broaden the footwear and accessories assortment, and launch new lifestyle categories.
“We are delighted that our focus on product, marketing and distribution has resulted in a significant and sustained step up in our performance since the second half of 2018 which we have further improved on so far in our new financial year,” Wood said.
“Despite the ongoing challenging market conditions, we believe the strength of our brand, our clear strategic focus, and the quality of our team mean that we are well placed to deliver continued growth in future,” he said.