Activeware brand Sweaty Betty cut jobs during its latest financial year, as it swung back to profit for the first time since 2021.
The sportswear specialist made a profit of £1.5m over 2024, compared to a £13.4m pre-tax loss the year prior, Companies House accounts reported. The business also reduced its headcount from 990 to 903 staff members over the period.
Sales were down over the year, falling from £144.2m to £140.4m. UK revenues slumped from £116.4m to £111m, while US sales declined from £13.5m to £9.3m.
Revenues over the rest of the world rose from £14.2m to £19.9m over the period.
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The retailer credited its financial position to “improved gross margin performance, tighter cost control and a significant reduction in reorganisational exceptional items”.
Additionally, it attributed its “strong recovery” last year to its 2023 reorganisation, that moved North American wholesale operations from Sweaty Betty Limited.
In 2023, Sweaty Betty unveiled plans to make UK job cuts to its staff in a move to fuel its long-term growth.
The retailer’s owner set out plans to consolidate its London space and reduce headcount as it sought to streamline the company’s operations.
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