Fashion retailer All Saints almost doubled EBITDA to £23.6m last year, helping it secure further investment from Lloyds TSB Corporate Markets to ramp up overseas expansion.
Turnover rocketed 46% to £133m over year to January 31. All Saints chief executive Stephen Craig said that full-year like-for-likes climbed 22% and like-for-like performance since the year end was ahead 33%.
All Saints, which completed a £30m refinancing deal with Lloyds TSB last July following the collapse of the Icelandic banking system and major shareholder Baugur, has secured an additional £20m facility from the investment firm on the back of its strong performance.
Craig attributed the improved performance partly to the closure of its concessions in House of Fraser.
He said the closures had driven more shoppers into All Saints’ standalone stores and helped protect margins from department store discounting strategies. The concessions are believed to have turned over less than £20m altogether.
The young fashion retailer continues to focus on overseas expansion. It opens a store in Boston in the US next week followed by a flagship on New York’s Fifth Avenue on May 20. Other openings due include San Francisco and Las Vegas.
Craig said that All Saints’ stores in the US were outperforming expectations. “The US business is 60% up on sales budget,” he said.