Gymshark posted a rise in sales for the full year ending July 2023, which the retailer said was “underpinned by the relevance and quality of our product” and “the resonance of our brand”.

Model wearing Gymshark clothing and boxing

Gymshark is launching a premium range 

The sportswear retailer’s sales grew to £556.2m, up 15% from the £484.5m posted last year.

During the same period, EBITDA including exceptional items also grew to £40.4m, compared with the £37.6m reported in 2022.

Gymshark’s profit before tax fell from £27.8m to £13.1m, which was affected by the drawing of a revolving credit facility (RCF) to fund the continued growth of the business.

However, the retailer confirmed it no longer needed to draw from the RCF as cash generation improved during the period and should be reflected in the next financial year.

Gymshark also announced its first wholesale partnership with Selfridges to launch its first premium range, called Everywear.

The retailer is set to open its second store in London’s Westfield Stratford City shopping centre this summer.

Gymshark founder and chief executive Ben Francis said: “This year we plan on doing even better. Regent Street opened just over a year ago and has been incredibly successful since day one, which we are very proud of. We see more of an opportunity in offline and retail.

“From a product perspective, 2024 also sees us launch our highest-quality athleisure range yet, really focusing on the premium nature of the product… Our community has told us for a long time that they want to see us bring a more premium product to the market, so we listened.”