Sales soar but profits fall as Seasalt invests in store growth
Cornish fashion brand Seasalt saw rising sales but falling profits in the year to January 30, its latest accounts show. Sales rose a healthy 23% to £34.6m as it expanded its store footprint.
But while gross profit rose 19% to £18m, investment in people and systems to boost its growth dented the final profit figure. It fell 47% year-on-year to just £1.4m.
The company, which specialises in maritime-inspired clothing and simple classics, is focused on expansion and increased its staff headcount in the last year from 356 to 482.
It operates around 40 stores across the UK market and the growth programme has continued into the current financial year. Last month it opened several new locations with two in Kent, the first in upscale Tunbridge Wells and the second in equally affluent Sevenoaks. It operates a third Kent store in tourist destination Canterbury and also opened in tourist hotspot York, close the to the central Shambles area, during October.
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