Weird Fish improves profitability in FY23
The company, which opened seven new resort and destination stores in the UK in 2023, is planning to open a further five standalone stores by the end of this current financial year
Weird Fish, the British lifestyle clothing and accessories brand, has revealed its EBITDA increased 80% to £2.6m as the business accelerated investment across both online and in store and reduced overall discounting in the year ending 31 December 2023.
Weird Fish said the move to improve profitability led to a nine percentage point increase in gross margin to 56% and gross profit rising 14% to £21.3m.
However, revenue declined 4% to £38m as the business focused on improving profitability and greater sell through at full price.
Trading in the new financial year is in line with management’s expectations with further improvements in profitability and the company plans greater expansion in the UK in the coming year.
The company, which opened seven new resort and destination stores in the UK in 2023, is planning to open a further five standalone stores by the end of this current financial year and another seven stores in 2025, doubling the store estate since Butler joined the business at the end of 2023.
Commenting on the results, Weird Fish CEO David Butler, said: “My focus since joining at the end of last year has been to create a more profitable business and accelerate opportunities available to the brand and identify new areas of growth potential. The business is now on a positive growth trajectory and we’re confident of further expansion this year and next as we enhance our product ranges and drive margin and customer engagement through our improved multi-channel presence.”
