British fashion retailer AllSaints has reported record sales and profits for the year ended January 28.
The group’s annual sales were GBP457 million (US$582 million), an increase of 36 per cent, while its profits jumped by 50 per cent to GBP58.6 million.
Peter Wood, CEO at AllSaints, attributed the impressive growth to customers cutting back on other discretionary items to be able to afford its pricier products.
“Intense focus on product development, e-commerce excellence, growing our global store network, and rigorous inventory management” also contributed to the result.
The AllSaints brand saw a 25 per cent growth for the year, Wood continued, adding that its debut in China in April marked another important milestone.
Meanwhile, the John Varvatos brand, which was acquired by AllSaints in October 2021, 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,” Wood remarked.
