AllSaints has reported mounting profits and sales despite store closures at the beginning of the financial year.

AllSaints Manchester Site

Fashion retailer AllSaints has reported growth across all channels

The fashion retailer recorded operating profits up 1,342% to £10.1m in the full year to January 29.

Revenues also climbed 20% to £313m across the same period.

AllSaints said this was driven by an increase in retail sales across both its stores and online channel, up 15% to £268m.

Its wholesale, franchise and licensing division meanwhile jumped 59% to a record £45m in the year.

The results also include four months’ trading performance of John Varvatos, the New York-based luxury menswear brand, which was acquired by AllSaints in October 2021.

AllSaints added that in the six months since January 29, trading has continued to be “positive” – with revenues for AllSaints and John Varvatos up 36% and 13% respectively.

The retailer also said that physical retail footfall was higher than expected.

During the year, AllSaints made progress on its ESG commitments – this included efforts to improve product and packaging sustainability, ethical trading and reduce carbon emissions.

AllSaints said 66% of its spring 2022 collection was certified sustainable, while it has also launched low-carbon limited edition pieces in its ‘Spitalfields’ collection.

AllSaints chief executive Peter Wood said: “I am proud of the way our team has moved on from the challenges of the pandemic to deliver a strong financial and operational performance.

“It has been achieved as a result of our strategic focus on product, marketing and distribution, which drove increased customer reach and improved inventory productivity. This, combined with our robust omnichannel operating model, enabled us to mitigate the adverse impact on physical retail channels during the pandemic.

“We were thrilled to welcome the John Varvatos brand to the group during the year, which has already delivered a return to profitability under our stewardship.

“This demonstrates our ability to help great brands and teams achieve their true potential, and I am confident that the clear synergies between AllSaints and John Varvatos will contribute to the future growth of the group.

“We see it as our responsibility to not only help our customers look good, but also feel good, safe in the knowledge that we have carefully considered the materials and production processes that we use to create our collections.

“We are also committed to employing talented people from all backgrounds, as well as positively contributing to the communities that surround our stores around the world. These priorities permeate everything that we do, and I am delighted to see our customers responding so positively to the passion and dedication of our team.”