Seasalt sales surge on UK strength, says business is 'strong'

By

Barbara Santamaria

Published
Nov 6, 2017

British retailer Seasalt Cornwall increased its annual turnover by £6.9 million to £41.4m in the year to end 28 January 2017, boosted by a strong performance in its home market.

The rise represents a 20% increase on the previous year and continues the company’s good run after another £6 million increase in annual turnover in financial 2016.

Seasalt, known for its fashion, footwear and accessories ranges inspired by the maritime heritage of Cornwall, said sales for the year ended January 2017 jumped by 19% to £39.2 million in the UK.  The growth was driven by the company’s store estate expansion and the strength of the company’s retail offer, it said in its latest accounts.

Turnover increased by 37% to £1.58 million in Europe and by 13% to £630,000 in Rest of the World.

But a significant investment in people and infrastructure meant a fall in profitability, with profit before tax declining to £1.24 million from £1.71 million a year earlier. in October 2016, Seasalt launched a new resource planning system, which was the end of a three year £3 million investment in systems and processes.

Despite the uncertainties in the current trading environment, Seasalt said its retail offer, which is refreshed every season, continues to be strong and its investment in people, systems and infrastructure will help it raise its national profile through increased wholesale, direct sales and retail sales via existing and planned new stores.