// Seasalt expects turnover of £100m thanks to rise in online shopping
// Online sales had increased above expectations
// Store sales had rebounded strongly after reopening
Seasalt is predicting turnover to reach £100 million after online sales offset the lost revenue during the Covid-19 pandemic.
The lifestyle retailer said online sales had increased above expectations and store sales had rebounded strongly after the reopening of stores.
Annual sales are approaching £100 million already for the financial year ending January 29, 2022, with strong momentum across all channels.
READ MORE: Seasalt explores sale as staycations lead to strong summer
Online sales have increased by 72% in the year ended January 30, 2021, compared with the year ended February 1, 2020.
Seasalt said this reflected the strength of its digital transformation programme and its innovative marketing strategy.
Sales through digital channels accounted for 67% of total revenue over the period and continue to represent the majority of revenue.
Temporary shop closures enforced by Covid-19 throughout 2020 and in early 2021 caused Seasalt’s store sales to decline by 57%.
Total sales in the year ended January 30, 2021, were £69.9 million, down 7% on the previous year.
EBITDA (earnings before interest, tax, depreciation and amortisation), a measure of profitability, in the same period was £6.6 million, an increase of 50% year-on-year as the business focused on profit improvement and a full-price trading strategy.
Seasalt has invested more than £2.5 million in new technology in the past 18 months.
“Our outstanding results in the face of extremely difficult circumstances reflect the hard work of our teams across the business and the support of the wider Seasalt community,” Seasalt chief executive, Paul Hayes said.
“We have seen the benefits of our digital transformation and can now genuinely call ourselves a digital-first brand.
“The excellent performance of our stores since they re-opened and growth with our strategic partners point to a bright future and demonstrate the resilience of the business.
“As we move towards Christmas, it is an exciting time for Seasalt as we continue to experience record levels of engagement with our customers and look forward to building further momentum through the rest of the year.”
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