Seasalt’s books 10th year of 20%+ sales growth

Seasalt's full-year profit grows five-fold
Seasalt has marked 10 years of year-on-year sales growth of more than 20%.
// Seasalt books increases in turnover, underlying EBITDA and gross profit margin for the year ending February 2
// Cornish retailer also recorded sales uplift in both online and in-store
// Seasalt opened 10 new store during the year and has plans for a further 8

Seasalt has recorded another solid set of full-year results, which it said signalled a “continuing growth momentum” in the business.

For the retailer’s financial year ending February 2, turnover surged 29 per cent to £66 million.

The Cornish brand said this marked 10 years of year-on-year sales growth that was over 20 per cent.

Meanwhile, operating profit was up £2.1 million, EBITDA skyrocketed 51 per cent to £7 million and gross profit margin improved to 57 per cent compared to 55 per cent last year.

Profit before tax stood at £2.5 million, which is five times the figure the year before – but Seasalt said this was “somewhat flattered” by fair value accounting for unrealised gains and losses on foreign exchange contracts.

READ MORE: Big Interview: Laura Watson, Chief Creative Officer, Seasalt

Online sales were up 35 per cent, boosted by a 21 per cent increase in active online customers.

Seasalt has also continued to expand its store footprint across the UK, opening 10 new stores during the financial year – among them being Cambridge, Belfast and Tenby.

The retailer plans to open a further eight stores in the UK and Ireland over the next financial year.

“Staying close to our Cornish roots and culture drives the relationship we have with our customer and therefore results in this strong performance,” Seasalt chief executive Paul Hayes said.

“During this period the Seasalt family passed 1000 employees, I’d like to personally thank them all for their creativity and hard work.

“Our ability to connect with customers in many different ways is underpinned by our continued investment in our business infrastructure, both online and in-store.

“We have every reason to be confident in our approach and remain confident in our future growth plans.”

Seasalt chief financial officer Malcolm Macdonald said: “This is another great set of results for Seasalt which has been driven by our multi-channel approach.

“We’re pleased that our strategy continues to demonstrate that good shopkeeping can thrive even in this difficult time for the UK retail industry.”

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