Footasylum revenue jumps 7% to £320m in FY23
The retailer experienced sales growth across all business channels during the year, helped by the opening and upsizing of a number of next generation digitally-led stores, including a new 20,000 sq ft Oxford Street flagship, which opened in September 2023
Footasylum has announced that its total revenue was up 7% to £320m for the financial year which ended 27 January 2024.
EBITDA in FY24 for the group also jumped 38% to £22m, compared with £16m for FY23.
The retailer experienced sales growth across all business channels during the year, helped by the opening and upsizing of a number of next generation digitally-led stores, including a new 20,000 sq ft Oxford Street flagship, which opened in September 2023.
This was closely followed by the implementation of a market-leading omnichannel point-of-sale system that enables Footasylum customers to shop seamlessly online and in-store.
In addition, several operational improvement initiatives were rolled out, helping to achieve additional margin.
Barry Bown, executive chairman and CEO of Footasylum, said: “FY24 was an extremely busy and productive year for Footasylum. With the support of AURELIUS, we have expanded Footasylum’s unique offering across the UK’s busiest high streets and shopping centres. We have also been successful in internationalising the brand by reaching new audiences through our flagship Oxford Street store and by growing our non-UK online sales.
“In addition, FY24 also saw us perfect our store design and fit-out process, which will enable us to continue our seamless roll out of new and upsized stores as part of our wider omnichannel strategy. In the longer term, we expect this to include the expansion of our store network outside the UK.”
Bown added: “Despite the fact that UK consumers are feeling the squeeze from continued inflation and higher interest costs, I am confident that Footasylum will keep on growing over the next 12 months. By continuing to identify the latest trends, and incubating new and leading fashion brands, Footasylum has a strategy that is highly effective and entirely consistent with the brand’s DNA.”
Tobias Klaiber, managing director at AURELIUS Group, said: “We are delighted that Footasylum has achieved record results in its second financial year under our ownership. These numbers demonstrate that our growth and operational transformation initiatives are bearing fruit, and confirm Footasylum’s distinctive position in a challenging market environment.”
