Fashion retailer AllSaints defied market expectations on Monday, after revealing a 9 percent rise in profit over the last year.
Revenue hit £252.5 million, with AllSaints contributing the growth to a 7.5 percent rise in UK sales. This contrasts with the difficulties many retailers have encountered in the UK market as a result of an uncharacteristically warm Autumn, sending coat sales plunging.
Chief executive William Kim said sales in the UK were up following the introduction of bags into their accessories division. The group saw a similarly a warm consumer reception to its expanded range of knitwear items, alongside strong sales of coats and jackets – particularly the brand’s speciality leather jackets.
Kim said: “We don’t comment on the weather at our regular meetings. Our obsession is on the customers and the brand experience.”
He added that AllSaints had developed its own technology to ensure it had the right product in stores at the right time and could make all items in its stores available to shoppers online as well. Online sales both via its website and third party sites rose 33 percent to £47.3 million, accounting for almost a fifth of its total sales.
In addition, the label enjoyed a strong performance overseas in its US and Canada extensions. On the back of continued international sales strength for the brand, it remains in talks over its continued expansion into Asian markets and increasing its North American presence.
“A number of American brands have struggled in Europe and vice versa but we have a strong foothold across the Atlantic,” Kim added.
In regards to the impending expansion, Mr Kim stated that:
“Last year we moved from 11 countries to 18, and by 2020 we should be trading in 30 to 35″.
AllSaints have recently opened concessions in a number of department stores in both the UK and the US. AllSaints products are currently retailed in Selfridges, John Lewis and the US-located Bloomingdales.