Warpaint London has stellar year, expands in UK, Europe and US
Beauty specialist Warpaint London reported 2022 results on Wednesday and talked of “record sales and significant profitability” reflecting a strong full-year performance. It also highlighted a “positive start to 2023”.
The owner of the W7 and Technic brands said the unaudited figures show European sales 56% higher at £28.1 million making Europe the largest sales region for the company.
Total revenue for the year rose from £50 million to £64.1 million and profit before tax was up to £7.7 million from £3.7 million. Statutory profit rose to £6.25 million from £2.83 million.
The company said that in its UK market, it also saw a successful launch in Boots of 45 W7 products via an initial 80 stores.
Meanwhile, US sales increased 79% last year to £5.3 million, and when converted into dollars, those sales grew 55%. And direct online sales continued on a strong growth trajectory with a rise of 106% in group e-commerce sales last year. That means they make up 4.3% of total sales compared to 2.7% a year earlier.
As mentioned, trading has continued strongly in the first quarter and sales for the three months to the end of March. Have risen 40% to £18.5 million. It also said that Q1 margins were robust and better than those of the full year, while e-commerce sales in the quarter have risen 188% to £0.83 million.
And its momentum is continuing. Since the quarter ended, this month, a range of 158 Technic products will be launched in an initial four Asda superstores on a trial basis with a view to a wider inclusion in Asda's cosmetic range review in Q4. After an initial trial of W7 product in 20 New Look stores in the UK, the group is now rolling out W7 product to a further 200 New Look stores.
And in the US, it has seen “significant further expansion” with H-E-B stores and CVS BIRL stores, where “initial sales have been ahead of expectations”, as well as launching in Sallys and Nordstrom Rack.
Chairman Clive Garston said the performance “reflects the group's consistent and focused strategy. We have concentrated on increasing our presence in larger retailers in all our major markets, both through growing sales to existing customers and entering into new relationships. This strategy is reflected in the group's results and provides a strong platform for the future. In addition, growing our online presence is a prime objective of the group.”
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