Seasalt sees surging sales as it defies high street crisis
today Nov 4, 2019
Turnover at Cornish brand Seasalt grew by almost 30% to £66 million in the financial year ended 2 February 2019, marking 10 years of 20% year-on-year sales growth.
The brand has attributed its success to its omnichannel approach, with 10 new stores offering new revenue streams while online sales rose 35% during the period.
Additionally, the number of active online customers increased by 21%, attracted by the launch of 12 new collections over the period, including an Easy On range designed for less-abled people who may find dressing difficult for a variety of reasons.
Meanwhile, operating profit was up £2.1 million, and profit before tax stood at £2.5 million - five times the figure the year before. But Seasalt said this figure was somewhat flattered by fair value accounting for unrealised gains and losses on foreign exchange contracts.
During the period, Seasalt opened new stores in locations such as Cambridge, Belfast and Tenby and reached 1,000 employees.
“Staying close to our Cornish roots and culture drives the relationship we have with our customer and therefore results in this strong performance,” said Paul Hayes, CEO of Seasalt.
“Our ability to connect with customers in many different ways is underpinned by our continued investment in our business infrastructure, both online and in-store. We have every reason to be confident in our approach and remain confident in our future growth plans.”
And it seems the company is not afraid of the challenges facing most UK retailers: while national chains including M&S and Debenhams are closing stores, Seasalt plans to open eight new doors in the UK and Ireland over the next financial year.
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