Sales up at FatFace as it enters US market
Lifestyle clothing brand FatFace has reported that its full-year total sales increased by 2.7% to £205.4 million as it enters the US market.
Online sales climbed by 11.1%, and now represent over 16.2% of overall sales compared to 14.9% in the previous year. Web visits increased by 16.5% to 19 million while visits via a tablet or smartphone grew from 57% to 64% in the year.
EBITDA was £36.5 million compared to £39.3 million in the prior year which Fatface attributed to the unseasonably warm weather in the second quarter and increased capex investment.
The brand invested a record £9 million across its stores, e-commerce and IT. Store estate square footage increased by 8% to over 350,000 square feet.
Anthony Thompson, FatFace chief executive, said: “It’s been a year of consolidation and investment for the business in variable market conditions. We were pleased to increase total sales by continuing to meet our customers’ needs through improving our product range, store estate and e-commerce offer.
“After a difficult second quarter where the sector as a whole was impacted by the unexpectedly warm weather, we traded well through the Christmas period and over the year have continued to maintain our focus on being a full price retailer.“
Plans to take the brand overseas by launching in the US have also progressed with a dedicated website now up and running and the opening of physical stores scheduled for the fourth quarter of the current financial year.
Thompson added: “The year ahead is a particularly exciting one as we take the FatFace brand to the US. Our dedicated US website is already live and we look forward to the phased roll-out of physical stores, initially on the East Coast. We see a clear opportunity to offer US customers a brand which typifies an active, outdoor lifestyle but we will take a cautious and measured approach to make sure we get it right. With this, and our plans in the UK, we head into the next chapter for the business with confidence.”
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