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Seasalt annual turnover jumps 29 percent

By Prachi Singh

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Report

Cornish fashion brand Seasalt, for the financial year ending February 2, 2019, reported turnover growth of 29 percent on the prior year 66 million pounds (85.3 million dollars), marking ten years of 20 percent year-on-year sales growth. The company said in a statement that operating profit was up 2.1 million pounds (2.7 million dollars) and profit before tax stood at 2.5 million pounds (3.2 million dollars), five times the figure the year before. Underlying EBITDA for the year was up 51 percent to 7 million pounds (9 million dollars) and gross profit margin improved to 57 percent compared from 55 percent last year.

Commenting on the full year trading, Paul Hayes, CEO of Seasalt, said: “Staying close to our Cornish roots and culture drives the relationship we have with our customer and therefore results in this strong performance. Our ability to connect with customers in many different ways is underpinned by our continued investment in our business infrastructure, both online and in-store.”

Seasalt’s online sales were up 35 percent with a 21 percent increase in active online customers, attracted by 12 collections over the period. The company also continued to expand its store footprint across the UK, opening 10 new stores in locations such as Cambridge, Belfast and Tenby. The retailer plans to open a further eight stores in the UK and Ireland over the next financial year.

Picture:Seasalt blog

Seasalt