Cornish clothing brand Seasalt has released its results for the year to 1 February with revenues up 13% to £150 million and the company saying its revenue has jumped by £50 million in the past three years and has doubled in five years. Meanwhile group EBITDA rose 5% to £11 million.
That was helped by it achieving another record-breaking year in physical stores, with sales up 8% on the prior year. It saw higher footfall that drove like-for-like growth up 2% and it said all stores that have been open for over 12 months are profitable.
And online revenues grew 8% year on year, “reflecting an increased investment in digital marketing alongside a positive impact of investments in international stores and third-party channels.
“Significant progress was also made in growing relationships” with strategic partners Marks & Spencer, Next and Zalando, among others.
In fact, third-party (including wholesale) was the fastest-growing channel in the year and now accounts for 24% of total revenue, up from 13% in the prior year. Seasalt was also “recognised as one of Zalando’s fastest-growing brands during 2024, driving strong international growth in both new and existing European markets”.
The year saw the company continuing to invest in new stores in the UK opening in Glasgow, Rushden Lakes and Wexford, as well as relocating the store in Cribbs Causeway, Bristol.
International store expansion continued with the first US store on Cape Cod, and the fourth Irish store in Wexford.
Overall the company said it made “significant progress against its strategic objective to accelerate international growth and its commitment to ambitious sustainability targets”.
It also said international sales now represent 11% of the total revenue, up from 7% in the prior year “reflecting the impact of Seasalt’s investments in international growth across channels”.
The company also achieved B Corp certification in the year with a score of 100.2 vs a sector benchmark of 80.7.
