Footasylum, headquartered in Greater Manchester, has reported a significant pre-tax profit increase to £6 million for the financial year ending 27 January 2024, compared to £2.8 million in the previous year.
The retailer’s remarkable performance can be attributed to the opening of several new stores, including a flagship 20,000 sq ft location on Oxford Street in London. Additional expansion took place in Birmingham, Essex, Westfield Stratford, Watford, Leicester, and Leeds as of March 2024. Furthermore, Footasylum’s broadened product offering led to substantial growth, with womenswear and junior category sales increasing by 16% and 14%, respectively. Wholesale revenues also surged by 87% to £16.8 million.
These results follow Footasylum’s announcement in February of record-breaking revenue of £319.5 million, a substantial rise from the previous year’s £297.9 million. Online sales played a significant role in this achievement, contributing 42% to the total revenue, while EBITDA rose by 38% to £22 million, marking a historic peak for the company.
The financial success coincided with leadership changes in March, as both the CEO and executive chairman departed to join Aurelius, the equity firm owning Footasylum. Barry Bown, who had been with the company since June 2018 and served as CEO from 2000 to 2014, stepped down, and was succeeded by David Pujolar, formerly general manager at AW LAB. Aurelius Group acquired Footasylum for nearly £40 million last year after being mandated by the CMA to divest by JD Sports, which had initially purchased it for £90 million in 2019.
Additionally, strategic investments were made to enhance technology supporting Footasylum’s omnichannel customer journey and expand its own brand portfolio. Nick Scott, the company’s CFO, remarked, “We are delighted to report that FY24 has marked Footasylum’s best-ever financial performance. We achieved record revenues and profits, driven by double-digit growth in both wholesale and online sales.” Scott further highlighted the success of their creative content channels, which now boast 5.8 million followers.
Tobias Klaiber, managing director at Aurelius Operations Advisory, commented, “Footasylum’s continued strong growth underpins the impact of the bespoke guidance that we are able to provide with our team at Aurelius Operations Advisory. Our specialists support driving success across various aspects of the business, from working capital management to operational efficiency and, most importantly, growth.” Klaiber expressed confidence in Footasylum’s future, noting the management’s success in positioning the retailer for further expansion as it aims to transform into a leading brand incubator.
Footasylum’s exceptional financial performance and strategic expansions underscore its robust market position and future growth potential, supported by a dynamic management team and strategic investments.