AllSaints sales rebound after ‘most challenging year in its history’

All Saints sales have rebounded after what it termed the most challenging year in its history
All Saints sales have rebounded after what it termed the most challenging year in its history
// AllSaints sales have jumped 19% in the 11 months to December 2021, despite lockdowns hitting first quarter sales
//In its last full financial year to January 2021, what the retailer called “the most challenging year” in its history, the retailer remained in the black, despite sales plunging 28%

AllSaints sales have rebounded after what it termed the most challenging year in its history as it eyes future growth opportunities post-Covid.

In the 11 months to December 2021, total sales grew 19% despite lockdowns in the UK, Canada and parts of Europe and Asia in the first quarter of the year.

The golden quarter was particularly strong for AllSaints, despite Omicron restrictions in the UK. The retailer said it achieved its strongest ever sales in November and increased the full price sales mix through December.

The positive momentum comes after what AllSaints boss Peter Wood said was the most challenging year in its history as it was “heavily impacted” by the pandemic with stores around the world forced to close during lockdowns.

However, AllSaints revealed that despite sales plummeting 28% to £261.5m year on year in its year ending January 2021, it managed to remain in the black.

Strong cost control along with stellar 53% online sales growth – which represented almost half (48%) of sales during the year, up from 23% the year prior – helped it achieve an operating profit of £700,000 over the year. It had made £9.4m the year prior.

The retailer is now eyeing post-pandemic growth after it secured a new five-year working capital facility in September and completed its CVA, which allowed it to move to turnover-rents for most of its UK stores and 42 stores in North America.

AllSaints plans to focus on product development and growing its digital and partner channels to spearhead growth.

READ MORE: Creditors green light AllSaints’ CVA proposal

The brand heralded positive customer reactions to new product launches, with jewellery, underwear, sleepwear and other new accessories categories adding “significantly” to pre-Covid sales levels. It also boasted a customer database that had doubled in size over the last two years.

AllSaints chief executive Peter Wood said: “While the pandemic has of course continued to negatively impact our performance, our online business has carried on going from strength to strength and trading across our stores has showed an improving trend as footfall returned.

“As a result of the decisive actions that we took in 2020, AllSaints is now in a stronger position than ever before to drive future growth.

“Our product portfolio offers more choice than ever before and, as a result, more and more customers are coming to AllSaints – with our customer database doubling in size over the last two years.

“While there are of course still a significant number of headwinds, the momentum in our online business and the enduring popularity of our brand means that we remain confident in the long-term prospects for AllSaints.”

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