AllSaints has posted its best ever annual sales and profits for the year-ended 28 January 2023 as its focus on product paid off.
Sales at the fashion retailer grew by 36% to £457m for the period as profits swelled 50% to £58.6m.
Chief executive Peter Wood said trading had been boosted by customers cutting back on other discretionary items to be able to afford its pricier products.
“No one is immune from the cost of living crisis, but if you love fashion then maybe there are some things you hold on to and other things that you buy less of,” he said.
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Wood added that the performance was also driven by “intense focus on product development, ecommerce excellence, growing our global store network, and rigorous inventory management.”
Demand for newer categories such as underwear was particularly strong, with sales trebling year-on-year while longer-standing categories also had strong growth.
Wood added: “AllSaints continues to go from strength to strength, with 25% growth in FY23 and entry into mainland China for the first time being just two of a long list of recent milestones for the brand. During its first full year with us, we’ve also been pleased with the performance of John Varvatos, which has returned to growth and is showing huge potential in the alternative luxury menswear market.”
“Given the strong momentum across both brands, and our proven resilience in even the most challenging consumer environments, we remain hugely confident in the Group’s future prospects.”
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