admin The chief executive of Fatface has hailed a “stellar” year with the British lifestyle brand experiencing robust increases in both revenue and profit as its North America market continued to grow.
The Hampshire-based company posted sales of 282 million pounds in the 12 months ended May 27, an increase of 15 percent from the prior year as it saw growth across channels and markets.
Fatface said digital channels continued to perform ahead of expectations, up 19 percent year-on-year. They now account for 40 percent of Fatface’s overall business.
Breaking it down by market, like-for-like store sales in the UK were up 15 percent and are now back to pre-pandemic levels.
In North America, sales were up 20 percent, with the company citing a focus on customer acquisition in the US, strong own channel e-commerce growth, and a successful launch in Canada.
Fatface entered the Canadian market earlier this year with the opening of three physical locations and the launch of online shipping to the country. It also announced Friday plans to increase its number of stores to eight.
Profits rise at Fatface
Looking at the bottom line, Fatface’s statutory profit after tax surged to 17.3 million pounds from 5.8 million pounds.
Its underlying EBITDA – excluding adjustment for IFRS16 – rose 3 percent to 26 million pounds.
Commenting on the annual results, CEO Will Crumbie hailed “stellar” results in spite of “significant” supply chain disruption across the autumn and winter seasons.
“Our strategy remains simple: we are a digital-first brand, providing customers with high quality, responsibly sourced clothing for all the family, underpinned by a seamless customer experience,” he said.
Looking at more recent trading, Fatface said it has experienced a “strong” start to FY24, with its focus on full-price trading resulting in improved margins.
It also announced a partnership with British retail group N Brown, and said it plans to open two more stores in the Republic of Ireland, which will be its first new ones in the market since the beginning of the pandemic.
