Castore sales and profits surge in latest year
Fast-expanding Castore has filed its accounts for the year to the end of January and they show what we had already expected – that the company is continuing to go from strength to strength.
The business, in which tennis champion Andy Murray and the owners of Asda hold stakes, reported turnover in FY22 of £48.8 million, up sharply from £17 million in the previous year.
It meant gross profit surged to £35.37 million from £11.76 million. And operating profit was £8 million, up from only £2.99 million in the previous financial year. Pre-tax profit rose to £8 million from £3 million and net profit was £6.52 million, much higher than the £2.72 million of the previous period.
The business is based in Manchester and has been growing quickly, opening new stores (including its latest at the newly reopened Battersea Power Station), as well as developing its online operations and growing through partnerships.
Importantly, it has signed multiple deals to create sports team branded clothing and accessories, which enhance its wide desirability.
Most recently it announced a deal with Oracle Red Bull Racing to give it a truly global platform. It also has an ongoing partnership with McLaren, as well as with England Cricket, Premiership football teams Newcastle United, Aston Villa and Wolverhampton Wanderers, Scottish Premiership side Rangers, Spanish La Liga side Sevilla, German Bundesliga club Bayer 04 Leverkusen, rugby’s Saracens and Harlequins, and athletes such as Matt Fitzpatrick, Andy Murray and Adam Peaty.
In the accounts it said it plans to “increasingly focus on digital growth whilst maintaining a strong focus on partnering with world class sports teams who enhance our brand awareness and desirability”.
It added that “performance has continued to be strong due to the growth across the digital, store and wholesale channels. In addition, we will continue to grow our wholesale channel and expand internationally”.
The accounts also show that during the year in question, the number of people working for the company rose sharply from 38 to 174 and it said that “tangible investments have been made in the year to ensure the business creates world class products and has world class digital capabilities”.
As well as new staff, that investment included R&D expenditure to drive new product development as well as data analytics and brand development.
Copyright © 2023 FashionNetwork.com All rights reserved.