The British fashion group AllSaints Group has published its audited results for the 2024/25 financial year ended February 1st. After the targeted reduction of discount campaigns, the company was able to increase its profits.
The group’s total sales fell by four percent to 441.3 million British pounds (520.7 million euros). The clothing retailer cited its strategy to limit discounts and improve sales quality.
This focused approach resulted in increased profitability. Earnings before interest, taxes, depreciation and amortization (EBITDA), adjusted for special effects, grew by one percent to a record level of 69.5 million British pounds (82.0 million euros).
Profit before taxes rose by 55 percent to 28.2 million British pounds (33.3 million euros), profit after taxes even increased by 93 percent to 18.9 million British pounds (22.3 million euros). These results were due not least to an improvement in the gross margin to 65.2 percent. Shorter retail discount periods, effective inventory management and earlier seasonal product launches contributed to this.
Brand sales development and strategic investments
While total sales of the core brand AllSaints fell by five percent to 372.4 million British pounds (439.4 million euros), sales of the John Varvatos label, which was acquired in 2021, rose by four percent to 68.9 million British pounds (81.3 million euros). The brand thus achieved its best result since the takeover.
During the year, the group introduced new product lines, including the children’s fashion line “SmAllSaints”, a new fragrance and men’s tailor-made clothing. Investments in infrastructure included the opening of a new partner-operated European distribution center in the Netherlands. As a result, continental Europe has become the group’s fastest growing market.
Investments in the branches continued. The first AllSaints store opened in Manchester with a new concept. New stores for both brands were also opened, including in Belmont Park Village in New York and in Metzingen in Germany.
In addition, the group’s £55 million revolving credit facility with Wells Fargo Capital Finance has been extended until September 2030. This secures financing for future growth.
Personnel changes and outlook
After the end of the reporting period, the company announced several important personnel decisions. Renowned London designer Aaron Esh has been appointed Chief Creative Officer of AllSaints, effective November 3rd. The leadership team was further strengthened with the promotions of Alex Didymiotis to Chief People Officer and Alfie Meekings to Chief Transformation and Technology Officer.
CEO Peter Wood praised the teams for achieving a new record profit despite the “challenging global economic environment”. He expressed confidence in the “many exciting growth opportunities for AllSaints and John Varvatos.”
The expansion has already continued in the current financial year. New branches were opened in the Chinese metropolis of Shenzhen and in Atlanta in the USA. The company also opened a new John Varvatos flagship store in SoHo, New York, in time for the brand’s 25th anniversary.
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