AllSaints hails year of ‘record’ profit performance

AllSaints has reported a year of record profit performance with pre-operating exceptional EBITDA increasing by 1% to £69.5 million.

However, total revenue in the year to 1 February 2025 fell by 4% to £441.3 million as the group reduced its promotional and markdown activity to improve the quality of sales.

While AllSaints revenues declined by 5% to £372.4 million, revenues at the John Varvatos brand rose by 4% to £68.9 million.

Gross profit margin increased to 65.2% from a previous 63% despite a higher wholesale mix, which is typically lower margin.

Meanwhile, pre-tax profit climbed by 55% to £28.2 million.

Peter Wood, chief executive of AllSaints, said: “Huge credit is due to our teams around the world who have worked so hard to deliver a new record profit performance.

“While our group revenue reflects our decision to reduce markdown activity to improve the quality of our sales, we’re pleased that a number of areas across the business continued to deliver strong top-line growth.

“Revenues at John Varvatos rose 4%, helping to deliver its best-ever profit performance since we acquired it in 2021 – a testament to the strength of this fantastic modern American luxury brand.

“Wholesale also delivered strong growth, supported by partner expansion and our new EU distribution centre, making continental Europe our fastest-growing market.”

During the year, AllSaints launched a range of new products, including childrenswear, a new AllSaints fragrance collection, and men’s tailoring and underwear collections.

It also opened new third party-operated European distribution centre in the Netherlands and its first AllSaints new concept store in Manchester.

Since the period end, AllSaints has launched stores in Shenzhen in China, Atlanta in the US, and St Pancras International railway station and Bristol Cribbs Causeway in the UK.

It has also appointed London designer Aaron Esh as its chief creative officer.

Looking ahead, Wood said: “Despite the challenging global environment affecting all businesses over the past year, our continued investment in our talent, as well as in product, marketing and distribution, means we are reaching more customers than ever before.

“There remain plenty of exciting growth opportunities for both AllSaints and John Varvatos, and we are well-placed to pursue them with confidence.”