Cornish lifestyle brand Seasalt has posted a record turnover of £ 51 million in the year ending January 27, 2018 up 23% on the previous year, making it the retailer’s ninth consecutive year of year-on-year sales growth above 20%.
Showing the continued growth, Seasalt has defied the gloomy condition of the high street and recorded another year of strong sales across online, in-store and wholesale channels. The brand’s online sales grew 33% and now accounts for 40% of its overall sales.
Meanwhile, Seasalt’s underlying operating profit skyrocketed 66% and EBITDA increased from 7% of sales to 8.7%. Gross margin also improved to 55% compared to 51% last year.
CEO Paul Hayes said, “These are again a very good set of results. They clearly indicate strong growth momentum within the business founded on the quality and design of our products and the brand experience we offer our Seasalt customers across all channels. These figures portray the kind of growth profile that, post the year end, attracted the Business Growth Fund to invest in our business.”
The retailer credited its growth to strong customer demand and sticking to full-price trading. “The customer has realised that we price our product affordably, and we’ve concentrated on providing great quality,” Hayes added.