Seasalt, the Cornish fashion brand, recorded another strong set of results for the financial year ending 2 February 2019, signalling the continuing growth momentum in the business.
- Turnover was up 29% on the prior year, at £66m, marking ten years of +20% year-on-year sales growth.
- Operating profit was up £2.1m, and profit before tax stood at £2.5m, five times the figure the year before, somewhat flattered by fair value accounting for unrealised gains and losses on foreign exchange contracts.
- Underlying EBITDA was up 51% to £7m and gross profit margin improved to 57% compared from 55% last year.
Seasalt strives to ensure it offers customers what they want, when and where best they like it, this is reflected in how Seasalt combines its store approach with online and wholesale. Online sales were up 35%, seeing a 21% increase in active online customers, attracted by 12 collections over the period. Seasalt’s unique Cornwall-inspired designs continued to delight customers, with popular pieces such as the Rocambole Dress and Janelle Coat. During the period the retailer also launched an “Easy On” collection, designed for less-abled people who may find dressing difficult for a variety of reasons.
Paul Hayes, CEO of Seasalt, said: “Staying close to our Cornish roots and culture drives the relationship we have with our customer and therefore results in this strong performance. During this period the Seasalt family passed 1,000 employees, I’d like to personally thank them all for their creativity and hard work.
“Our ability to connect with customers in many different ways is underpinned by our continued investment in our business infrastructure, both online and in-store. We have every reason to be confident in our approach and remain confident in our future growth plans.”
Seasalt has continued to expand its store footprint across the UK, opening 10 new stores in beautiful locations such as Cambridge, Belfast and Tenby. The retailer plans to open a further 8 stores in the UK and Ireland over the next financial year.
Malcolm Macdonald, CFO of Seasalt, said: “This is another great set of results for Seasalt which has been driven by our multi-channel approach. We’re pleased that our strategy continues to demonstrate that good shopkeeping can thrive even in this difficult time for the UK retail industry.”