Gymshark revenue up 54 percent as profits widen
Gymshark Group has reported a 54 percent increase in revenue in the year to July 31 2021.
The sportswear giant made net revenue of 401.9 million pounds, up from 260.7 million pounds a year earlier, according to filings at Companies House.
The Solihull-based group’s profit before tax increased to 45.4 million pounds from 30.4 million pounds a year earlier.
The group said its number of orders increased by 53 percent in the year. International sales were up 47 percent in the year to July.
As part of its ongoing international expansion, Gymshark confirmed plans to cut 120 jobs before July as part of a restructuring.
But the company said more than 100 new jobs will be created.
The fast-growing brand is focusing on expanding in the US, which has recently become its biggest market.
