Sweaty Betty, a UK-based company owned by US giant Wolverine, has released its financial report for the year ending January 2023. Despite experiencing an 8.5% decrease in turnover, amounting to £15.5 million, the company asserts that its underlying performance remained only slightly lower than the previous year. This slight decline is attributed to the challenging economic and sociopolitical circumstances faced by Sweaty Betty.

The cost of sales for the company rose from £88 million to £101 million, resulting in a significant decrease in gross profit from £94.5 million to £66 million. The EBITDA (earnings before interest, taxes, depreciation, and amortization) also took a considerable hit, dropping from £17.6 million to £130,868. A significant downturn in the company’s fortunes can be seen in the operating loss, which amounted to £4.6 million, indicating a considerable decline compared to the previous profit of £13.8 million. Furthermore, Sweaty Betty recorded a pre-tax loss of £5.1 million, compared to the previous profit of £13.7 million. The net loss for the company stood at £4.3 million, down from the previous net profit of £11.4 million.

It should be noted that these results were influenced by Sweaty Betty’s acquisition by Wolverine in 2021, resulting in a reorganization of its North American wholesale operations. However, Wolverine has demonstrated its commitment to Sweaty Betty by outlining ambitious plans for the brand. In late 2022, Sweaty Betty successfully launched in Northern Ireland and opened a concept store at the new Battersea Power Station mall. Additionally, the company revealed plans to unveil its largest store in northern England, located at Liverpool One. Concurrently, Sweaty Betty underwent a leadership revamp, with the appointment of a new global brand president. The Liverpool One store officially opened its doors in June 2023, and in October, the brand expanded its reach by launching on the Sports Edit platform, which is owned by M&S.

While these specific financial figures may not offer a comprehensive overview of Sweaty Betty’s overall performance, it is evident that Wolverine is committed to realizing its ambitious plans for the brand. As a renowned provider of activewear and athleisure products, Sweaty Betty continues to navigate the ever-changing retail landscape and adapt to the evolving demands of its consumers. With its expanding store network and strategic collaborations, Sweaty Betty’s future performance under the ownership of Wolverine remains uncertain, and only time will reveal how successful the brand will be.

Useful Links:
1. Sweaty Betty Official Website
2. Article on Sweaty Betty’s Financial Performance