All Saints profits plunged 9% to £21.5m despite soaring sales for the year ending January 2011, according to figures filed at Companies House.

The fashion retailer and brand, which has suffered management turmoil since May, said gross margin had dropped 68.6% to 62.6% in the 12 months. The group mainly blamed “financial constraints” and “significant liquidity challenges”.

Turnover jumped 57% to £208.6m through its expansion, particularly in the US.  Revenue generated by markets outside the UK was five times higher than the previous year. Over the year, it increased its total retail space by 60% with the expansion funded by a £20m loan.

Private equity firms Lion Capital and Goode Partners rescued All Saints from administration in May, injecting £105m into the business to help it pay off debt and give it a significant net cash surplus.

At the time, then chief executive Stephen Craig said the cash would be used to pay off £22m of mezzanine debt owned by defunct Icelandic banks Kaupthing and Glitnir.

He said all suppliers’ stock and non-stock would be paid anything overdue according to their terms and that the rest would be ploughed back into the business. Lloyds also increased All Saints’ facility to £31.5m.

Chairman Kevin Stanford was thought to have emerged from the deal with 15% and an option to buy a further 5%. Goode Partners, the US investment firm, took 10%with an option to add 10%, while Craig and the management team took 9%.

In September, Stephen Craig quit as chief executive after a disagreement with Stanford.

All Saints’ majority shareholder Lion Capital and Goode Partners is currently looking for a design and creative-focused replacement. Chief financial officer Peter Wood is maintaining chief executive responsibilities in the interim.