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Footasylum sales top £110m as retail footprint expands

Footwear retailer’s sales up by more than 40% as store-opening programme continues.

Footasylum’s sales rose 41.6% to £110m in the year to 28 February, as gross profit increased 36.6% to £48.5m.

Profit after tax at the Rochdale-based business increased from £429,939 to £2.6m during the year.

Footasylum, which has more than 50 stores in the UK, opened 10 stores during the year and has earmarked a further 10 for the year ahead to February 2017.

“The directors are pleased to report that the group has maintained profitability and its positive progression in the retail sector,” wrote chief executive John Wardle in results filed at Companies House.

“During the year, total sales increased 41.6% and like-for-like sales and gross margin remained significantly positive. Set off against positive trading for the year were major changes to infrastructure and in particular warehousing, creating a solid basis for the future progression of the business.”

He added: “The group is well funded and maintains its focus and investment in infrastructure and the strength of its management team. The directors also believe the business is well placed to exploit current market opportunities but continue forward on a prudent and cautious basis.”

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