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Sales up at Fat Face but investment hits EBITDA

Fat Face’s sales for the year to 28 May increased 7.4% to £220.7m, but currency headwinds, a warm autumn and investment in the business meant that EBITDA dropped 8% to £33.5m.

Bluewater new fat face store 96

Bluewater new fat face store 96

Fat Face’s new Bluewater store

Online sales jumped 20% during the year and now account for 18.1% of overall sales, up from 16% in 2015.

Store square footage increased by 13% to 398,000 sq ft, as 12 new stores opened during the year.

Fat Face invested £10.1m into the business including the construction of a new distribution centre scheduled to open at Dunsbury Hill Farm in the fourth quarter of this financial year.

The company also opened three shops in the US during the year.

Chief Executive Anthony Thompson said: “This has been a year of investment and transition for the business as we opened new stores internationally and delivered key infrastructure projects to support future growth.

“Investment in the business combined with the dollar strengthening against the pound and the clothing sector trading through an unexpectedly warm and wet autumn 2015, adversely impacted our EBITDA. Nevertheless, we maintained our full-price stance through the Christmas trading period and delivered sales growth in all channels across the 12-month period.”

He added: “As a number of major investment projects are nearing completion we are now entering a new period of expansion for the company. We now have even greater physical and IT capacity to drive our multichannel and international ambitions and are primed for further growth in sales and EBITDA.”

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