Footasylum reported a “record-breaking” performance after full year sales and profits surged driven by the opening and upsizing of stores.
EBITDA for the footwear retailer surged 38% to £22m in the year to 27 January 2024, up from £16m, which its said represented an “all-time high” as performance was “helped by close management of gross margin and operating costs”.
Sales rose 7% to £320m, up from last year’s £298m, which it attributed to “the successful opening and upsizing of a number of next generation digitally-led stores” and “implementation of an omnichannel point-of-sale system that enables Footasylum customers to shop seamlessly online and in-store”.
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The store programme saw Footasylum open a 20,000sq ft flagship on Oxford Street, a 10,000sq ft store in Lakeside Shopping Centre, as well as unveil a newly upsized shop in Westfield Stratford and store in Leicester’s Fosse Park.
Footasylum CEO Barry Bown said the year has been “extremely busy and productive year” for the business.
“With the support of Aurelius, we have expanded Footasylum’s unique offering across the UK’s busiest high streets and shopping centres,” he said.
“We have also been successful in internationalising the brand by reaching new audiences through our flagship Oxford Street store and by growing our non-UK online sales.
“In addition, FY24 also saw us perfect our store design and fit-out process, which will enable us to continue our seamless roll out of new and upsized stores as part of our wider omnichannel strategy. In the longer term, we expect this to include the expansion of our store network outside the UK.
Bown added that despite consumers still “feeling the squeeze”, he was confident the business’ strategy – “that is highly effective and entirely consistent with the brand’s DNA” – will support its growth over the next 12 months.
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