Shoe retailer Footasylum has revealed its annual sales and profits leapt higher as younger shoppers turn to top brands despite a “challenging” economic environment.
The Rochdale-based shoes and clothing chain, which has around 60 stores in the UK, reported a record financial performance in the year to the end of January.
Revenues totalled £350 million over the period, about 9% higher than the previous year.
Its pre-tax profit nearly tripled from £6 million last year to £17.2 million over the latest financial year.
Footasylum said this was driven by both store and online sales increasing, while sales of its exclusive brands – items which are only available through the retailer – doubled year-on-year.
Over recent months, since the new financial year began, exclusive brand sales have surged 17%, the firm said.
Footasylum’s key customer base are Generation Z shoppers, who the retailer has said typically prioritise spending on fashion, embrace new trends, and regularly shop through digital channels.
Total sales were up more than a 10th since the start of February, with junior and nursery ranges selling particularly well.
The retailer also said its partnerships with global brands such as Nike, Adidas and New Balance were going from “strength to strength”.
David Pujolar, Footasylum’s chief executive, hailed a “standout performance” with stronger trading continuing into the new financial year.
“Our brand recognition, particularly among our core 16–24 demographic, continues to grow, supported by our distinctive content and social strategy,” he said.
“With a strong pipeline of new material to inspire, engage and entertain, we’re continuing to grow an audience that now numbers in the millions.”
“While the wider macroeconomic environment remains challenging, demand for our unique offer remains strong,” he added.
Footasylum opened five new stores last year and expanded two existing shops, while it plans to open another six this year.
The company, which is owned by private equity firm Aurelius, recently secured a £35 million credit facility which is set to contribute to its investment in growth.
