- Prachi Singh |
Footasylum revenue increased 33 percent in FY18 to 194.8 million pounds (256.7 million dollars), reflecting growth in all product categories across the company's multiple channels, from further store roll out, increasing volumes of online traffic and the launch of the company's wholesale business. While adjusted EBITDA increased 12 percent to 12.5 million pounds (16.4 million dollars), the adjusted EBITDA margin of 6.4 percent was lower than 7.6 percent in FY17.
"We are pleased to report a strong performance for the financial year, our first as a quoted company following our successful IPO last November. We have delivered broad-based growth across all of our channels and product categories, while also continuing to invest in our infrastructure and talent in order to support further long-term expansion. In the longer-term, we remain confident that the company's differentiated, product-led, multi-channel proposition, combined with strong partnerships with core suppliers, will underpin its continued progress," said Clare Nesbitt, Chief Executive of Footasylum in a statement.
Highlights of Footasylum’s full year results
Online sales were up 41 percent, now accounting for 30 percent of total revenue, adjusted profit before tax was up 4 percent to 8.4 million pounds (11 million dollars) and profit before tax was 1.9 million pounds (2.5 million dollars). During the year Footasylum opened 10 new stores, expanded the size of seven stores and refitted two stores. Reflecting both this and revenue growth in existing stores, store revenue increased 27 percent in the year to 133.2 million pounds (175.6 million dollars).
Footasylum operates a multi-channel model across a 65-strong store estate in the UK; online; and a recently launched wholesale business which distributes Footasylum-owned brand products to select partners. In FY18, the store estate accounted for 68 percent of total revenue, online for 30 percent of total revenue and wholesale for less than 2 percent of total revenue.
Menswear, including both apparel and footwear, the company added, remains the main focus for Footasylum representing 69 percent of total revenue in FY18. This has decreased as a proportion of total revenue from 71 percent in FY17, reflecting growth in women's ranges which, along with children's ranges, have launched in selected stores as well as online.
The company is currently targeting up to 8 new store openings per annum, and a number of upsizes in key locations to increase selling space and drive contribution. The company sees potential to grow the total store estate in the UK to around 150 stores.