AllSaints saw its profits dip 9% to £21.5m for the year end January 2011, according to figures filed at Companies House.
The fashion retailer and brand, which has suffered management turmoil since May, said gross margin had dropped 68.6% to 62.6% in the 12 months.
New stores – five in the UK, eight in the US and one in Germany - had helped propel turnover, however, up 57% to £208.6m, though the expansion is being funded by a £20m loan. Revenue generated by markets outside the UK was five times higher than the previous year.
Private equity firms Lion Capital and Goode Partners rescued AllSaints from administration in May, injecting £105m into the business to help it pay off debt and give it a significant net cash surplus.
At the time, then chief executive Stephen Craig told Drapers the cash would be used to pay off £22m of mezzanine debt owned by defunct Icelandic banks Kaupthing and Glitnir.
He said all suppliers’ stock and non-stock would be paid anything overdue [according to] their terms and that the rest would be ploughed back into the business. Lloyds also increased AllSaints’ facility to £31.5m.
Chairman Kevin Stanford was thought to have emerged from the deal with 15% and an option to buy a further 5%. Goode Partners, the US investment firm, took 10% with an option to add 10%, while Craig and the management team took 9%.
In September, Stephen Craig quit as chief executive after a disagreement with Stanford.
AllSaints’ majority shareholder Lion Capital and Goode Partners is currently looking for a design and creative-focused replacement. Chief financial officer Peter Wood is maintaining chief executive responsibilities in the interim.