Fashion and athleisure brand Sweaty Betty has cut its workforce as it makes its first return to profit since 2021.
In 2024, the retailer made a profit of £1.5m – a marked recovery on its pre-tax loss of £13.4m the year before, according to accounts filed with Companies House.
Sweaty Betty also trimmed down its workforce by 87 during the recovery phase, going from 990 staff to 903.
While it made a pre-tax profit, its sales fell over the same period from £144.2m to £140.4m.
UK sales in 2024 declined from £116.4m to £111m, while in the US, sales fell from £13.5m to £9.3m.
Sales for the rest of the world increased from £14.2m to £19.9m.
Sweaty Betty also opened two stores in the US during this period, in Chicago and Washington DC.
In the newly filed accounts, the brand said it has improved its financial position through “improved gross margin performance, tighter cost control and a significant reduction in reorganisational exceptional items”.
It also credited its “strong recovery” last year to the 2023 reorganisation which transferred North American wholesale operations out of Sweaty Betty Limited.
No comments yet