Sportswear brand, Gymshark, has seen a big fall in profit, despite a rise in sales.

Gymshark saw pre-tax profits plunge 39% to £27.8m in the year to July 31, down from £45.4m in 2021, despite sales rising by 21%, as reported by Retail Gazette.

Sales hit £484.5m for the year, led by a 25% increase in the US and a more modest 3% rise in the UK.

The retailer said it was hit by one-off costs from opening its one and only store - a flagship store on London's Regent Street - setting up its US distribution network and a rise in discounting.

Despite the fall in profits, Gymshark remains confident, as it has continued to grow like-for-like sales, despite the cost-of-living crisis.