Nothing salty about fashion brand's latest set of financial results
By James Young | 4th November 2019
There is nothing salty about the latest set of financial results released by popular fashion brand Seasalt.
The Cornish women's fashion brand who have a shop on Cricklade Street in Cirencester, have reported a 29 per cent increase in turnover for the year to February 2, 2019.
Total sales for the year were £66million, marking ten years of 20 per cent year-on-year growth in turnover.
Operating profit was up £2.1million with profit before tax five times the figure of the previous year at £2.5million.
In a statement released by the firm, they admitted the profit figure was "Somewhat flattered by fair value accounting for unrealised gains and losses on foreign exchange contracts."
The statement added: "Underlying EBITDA was up 51 per cent to £7m and gross profit margin improved to 57per cent compared from 55per cent 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 35per cent, seeing a 21per cent 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 eight 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."
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