AllSaints reports ‘record’ sales as international expansion continues

AllSaints Manchester storefront. Credits: AllSaints. British fashion retailer AllSaints has published its financial results for the year-ended 28 January 2023, during which time it said it saw “record sales and profits” as it continued on the path of international expansion. The group’s revenue rose 36 percent to 457 million pounds, up from 337 million pounds in the year prior, with its central AllSaints brand welcoming a revenue increase of 25 percent to 390.9 million pounds. For the label, revenue for both retail and non-retail was on the rise, increasing 22 and 44 percent respectively. Meanwhile, the company’s New York-based menswear brand John Varvatos, which was acquired by AllSaints in October 2021, reported revenues of 66.1 million pounds. The group’s operating profit was up from 18.4 million pounds to 28.5 million pounds, while its gross profit margin also took a step up, from 61 to 62.2 percent, driven by stronger full price trading. Its net cash position sat at 46.8 million pounds in comparison to the 31.1 million pounds it reported at the end of the previous period. AllSaints moves into China, John Varvatos returns to growth AllSaints credited its positive trading performance to its investment into a new e-commerce platform, as well as the roll out of new products and stores in Taiwan, South Korea and mainland China, where the company most recently opened its first AllSaints store in the country in April 2023. Alongside this, the brand has also launched into new categories, including sunglasses which were introduced in spring. In a release, Peter Wood, CEO of AllSaints, said: “This has been a record year for AllSaints, and these results are a huge credit to the passion, creativity and hard work of our fantastic team around the world. “The performance has been driven by our intense focus on product development, e-commerce excellence, growing our global store network, and rigorous inventory management. “During its first full year with us, we’ve also been pleased with the performance of John Varvatos, which has returned to growth and is showing huge potential in the alternative luxury menswear market. “Given the strong momentum across both brands, and our proven resilience in even the most challenging consumer environments, we remain hugely confident in the group’s future prospects.”
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