Fat Face hails year of strong growth as EBITDA rises by 26%
In a statement, Fat Face attributed the profit growth to its new store opening programme and an enhanced multi-channel offer. The retailer said another key driver was its ability to optimise the proportion of products sold at full price and its decision not reduce prices in the run-up to Christmas.
E-commerce sales surged by 39% to represent 15% of overall sales as the retailer benefited from a strong uplift in conversion rates following the re-design and re-launch of its website.
Fat Face also opened nine new stores to take the total number of UK stores to 209. The retailer focused its openings on market towns, holiday locations, high street shopping centres and high footfall travel hubs.
During the year, Fat Face continued to explore potential growth opportunities outside of the UK and developed plans for a trial of two to three stores on the east coast of the US within the next 18 months. The retailer is also planning to launch a dedicated US website.
Fat Face chief executive Anthony Thompson said: “It’s been another record year for Fat Face, with strong growth in sales and EBITDA. We have made further progress in increasing our coverage across the UK through larger stores that carry more of the Fat Face range and offer greater choice, as well as improving our online offering. The brand continues to resonate with new and existing customers who are as engaged as ever, particularly through social media.”
Thompson said it had been “business as usual” after the retailer took the decision to abandon its plans for a flotation on the London Stock Exchange in May. He added: “We remain confident in the future prospects for Fat Face as we pursue a range of opportunities for further growth, both in the UK and internationally.”
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