Seasalt posts year of profitable growth
Cornwall headquartered fashion retailer Seasalt has reported sales of £66 million for the year to February 2nd 2019, up by 29 per cent on the previous year. Online sales were up by 35 per cent and the business attributed a 21 per cent growth in active online customers to the release of 12 collections during the period. Operating profit has risen by 2.1 per cent with EBITDA up 51 per cent. The business had opened 10 new stores and has a further eight in the pipeline.
CEO Paul Hayes said: "Staying close to our Cornish roots and culture drives the relationship we have with our customer and therefore results in strong performance. 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."
The business had enjoyed a record Christmas with in-store sales in the five weeks ended January 5th up by 31 per cent and it had been able to delay discounting until immediately prior to Christmas. It also saw 35 per cent growth in international sales.
"Too many people write-off bricks and mortar. It is great to see some of our most loyal customers make use of both our shops and online experiences. We still see plenty of appetite for our approach to upholding the values of good shopkeeping. We maintain focus on having the right product combined with excellent quality at a fair price, accompanied by friendly and knowledgeable service," added Hayes.
Seasalt has received a £16m investment from BGF and Santander Corporate & Commercial which is supporting its expansion.