Seasalt Limited, the popular Cornish fashion and lifestyle brand, has recently released its latest financial accounts, revealing significant progress during the year leading up to January 2022. This achievement is particularly remarkable considering it occurred amid the second year of the pandemic.

In the previous report, Seasalt celebrated a successful Christmas period in 2022, with a remarkable 15% increase in revenue and notable growth in in-store sales. Now, the brand’s most recent accounts showcase even more positive results.

Turnover for Seasalt soared to an impressive £96.4 million, compared to the previous year’s figure of £69.7 million. The company also experienced a substantial increase in gross profit, reaching £51.7 million from £37.8 million. Even more noteworthy, the gross profit margin remained stable at an impressive 54%. Operating profit saw significant growth, jumping from £2.8 million to £5.6 million. Pre-tax profit also rose to £6.5 million, a significant improvement from the previous year’s figure of £2.4 million. Additionally, the net profit reached nearly £4.7 million, surpassing the prior year’s figure of £1.8 million.

These accounts cover the period that included the reopening of Seasalt’s physical stores after the initial lockdown in 2021. The company slowly began its recovery at that point, gaining momentum in most locations throughout the summer. By the end of the year, the majority of stores had returned to their pre-pandemic levels of trade, with only a few city store locations slightly below previous benchmarks. This discrepancy is understandable, as many people were still working from home, and commuting to offices had not fully resumed.

In fact, during the year ending in January 2022, store revenues experienced an astounding growth of 200% compared to the previous year. Moreover, they were only 15% lower than the year before the pandemic started, despite losing 21% of trading days during the reporting period.

While physical store revenue showcased an impressive recovery, Seasalt’s online sales also witnessed significant growth. Online sales increased by 8.2% year-on-year and an astounding 93% compared to the pre-pandemic year. The company’s website benefitted from its ability to sell store stock, with approximately 27% of online orders fulfilled from physical stores. This strategy proved successful in terms of full-price sell-through and end-of-season stock clearance, ultimately enhancing the company’s overall efficiency.

Alongside these positive developments, Seasalt also experienced growth in its third-party and wholesale channels, further contributing to the brand’s overall revenue growth. The directors of Seasalt consider these results outstanding and a testament to the brand’s resilience and adaptability during challenging times.

Despite the delayed release of these accounts, it is abundantly clear that Seasalt Limited has successfully weathered the challenges posed by the pandemic, showcasing impressive growth in both physical store and online sales. With their recovery well underway, Seasalt is poised for continued success in the future.

Useful links:
1. Seasalt Limited Official Website
2. Seasalt Limited Article