For the five-week period ended January 2, 2021, Cornish fashion brand Seasalt said overall sales increased by 17 percent compared with the same period last year, with a 44 percent fall in-store sales more than compensated for by a 95 percent rise in online trade.
International sales increased by 20 percent during the period under review.
The company said that following the various lockdowns, store sales for the year ended January 30, 2021 are expected to be approximately 57 percent lower than the previous year, while online sales are expected to increase by 72 percent year on year.
Overall, across all sales channels, the company added, sales are expected to be only 9 percent down year on year.
Commenting on the trading update, Paul Hayes, Seasalt CEO, said: “We had started our digital transformation well before the first lockdown, but the events of the past year have accelerated all our plans. We now make approximately two-thirds of our sales online and while our stores remain a vital and constantly evolving part of the business, we expect a much higher percentage of sales to be digital from now on.”
For the financial year ending February 1, 2020, Seasalt’s turnover of 75.4 million pounds, increased 15 percent, which was the 11th successive year of 15 percent sales growth. Operating profit reached 1 million pounds and profit before tax was 0.7 million pounds, while underlying EBITDA was 4.4 million pounds and gross profit margin of 55 percent.
“I am pleased to say momentum from a strong set of financial results last year carried on into the new financial year and through Christmas,” added Malcolm Macdonald, Seasalt CFO.
Celebrating its 40th anniversary this year, Seasalt, owned by the Chadwick family, operates online in 156 countries and through 71 stores across the UK and Ireland as well as via marketplaces such as Zalando and wholesale partners across a number of international markets.