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Seasalt reports “record” Christmas sales

By Danielle Wightman-Stone

Jan 5, 2022

Management

Image: Seasalt

Cornish fashion and lifestyle brand Seasalt stores enjoyed a “record” Christmas trading period for the five weeks to January 1, 2022, with overall store revenue up 81 percent on the same period last year and “up slightly” from 2019.

Total sales across online, stores and through marketplace partners were up 20 percent, compared to 2020, and up by 33 percent when compared with the same period in 2019, the last pre-pandemic comparable period.

Revenues at the Cornish brand were boosted by its in-store sales due to Seasalt stores being predominantly located in market towns and seaside resorts, which didn’t report a drop off in footfall as experienced in some city centre locations in the second half of December.

Seasalt stores boost Christmas trading period

Seasalt also added that online sales “remained strong” throughout the Christmas trading period, with digital sales representing the majority of revenues, more than half at 56 percent, a trend that it expects to continue into 2022.

Following the Christmas trading period, Seasalt expects total sales in the year ending January 29, 2022, to approach 100 million pounds and an EBITDA margin of up to 12 percent.

Image: Seasalt

Seasalt chief financial officer, Malcolm Macdonald, said in a statement: “The strong store performance over Christmas is a continuation of the theme we have seen since they reopened in April.

“We are very happy with the balance the business now enjoys from its complementary mix of a strong store portfolio and marketplace partners supporting the direct-to-consumer online retail channel, which represents 56 percent of total sales.”

Cornish brand Seasalt hires PwC to explore funding options

Following a strong year of trading, the Cornish lifestyle brand has announced that it is also looking at ways to raise capital to “accelerate its expansion,” which will include targeting high-growth international markets and developing its menswear offering.

To help it achieve its future growth plans, Seasalt has appointed auditing firm PwC to advise the board on its strategic options.

Macdonald added: “We now look forward to our exciting plans to grow the business further over the next few years by acquiring more UK customers, expanding internationally and developing our menswear range.”

Seasalt is sold online in 156 countries, in 69 stores across the UK and Ireland, and via strategic brand partnerships with M&S, Next and Zalando.