Contemporary Cornish clothing brand, Seasalt, has reported “an excellent year” with revenues up 12%.
Despite facing ongoing external challenges and economic uncertainty, the group has performed beyond expectation, with operating profit for the year ended January 2024 rising by 146% to £7.9 million.
Seasalt had another record-breaking year in bricks and mortar stores, with all stores forging ahead versus the previous year again, achieving a 10% increase across the portfolio.
The group continued to open new Seasalt stores in the UK and Ireland throughout 2023, including Meadowhall, Aberdeen, Trentham, Malvern, a pop-up store in Plymouth and a third Irish store in Kenmare. This takes the total number to 73, all of which remain profitable.
Seasalt also made significant progress in growing relationships with strategic partners Marks & Spencer, Next and Zalando, amongst others, including a combination of online only and physical stores. Partner activities now account for approximately 13% of group revenues, an increase of 4% on the prior year.
CEO, Paul Hayes, said: “Sales have been very strong throughout the trading period in review, and we’re delighted to build on the ongoing success of recent years, in the face of obvious external challenges and economic uncertainty.
“In fact, over the last five years, the group has more than doubled its turnover to £132.6 million. Last year was a tough year for retail businesses, but we weathered the impact to evidence record-breaking revenue growth for the business in these statutory accounts. We’ve now got our focus firmly set on the future as the year ahead is a significant one for us, with the launch of our first Seasalt stores in North America and continued expansion in our partner channels, at home and internationally.
“We have every confidence that we will realise our ambitious growth plans if not exceed expectations.”
