Women’s fashion and lifestyle brand Hush has reported record financial results for the year to March 27, 2021, and continued growth in the first half of FY22 to September 25, 2021.
FY21 operating profit increased by 169 percent year-on-year to 11.4 million pounds, compared to 4.2 million pounds in 2020, as consumers accelerated shift to online shopping due to the pandemic, which Hush states resulted in “top line growth, combined with exceptional lower marketing and retail costs”.
The business delivered a 23 percent increase in sales to 58 million pounds, driven primarily by continued growth through the brand’s e-commerce website and those of its digital partners, which increased by 43 percent.
E-commerce sales represented 95 percent of total sales to March, compared with 81 percent the year before.
Hush notes that it delivered a “strong performance,” especially when you take into account the impact of Covid-19 and the associated trading restrictions on the brand’s pop-up stores and retail partner concessions during the year.
Despite those closures, the brand’s customer database grew by 25 percent, and the number of new customers introduced to the business was up by 54 percent, which it states reflects the effectiveness of Hush’s digital-led marketing strategy.
Hush chief executive, Kate Bartman, said in a statement: “We’re delighted to report a record financial performance in the year to March 2021, with strong sales and profit growth despite the impact of Covid-19 on some of our sales channels.
“Our business has more than trebled in size over the past four years which is a testament to the strength of our brand, our high-quality products and excellent customer engagement. With this strong momentum, as well as the exciting investments we have made in our people and business, we are very excited about our long-term growth plans.”
Hush reports record FY21 financial results and continued growth in the first half of FY22
Hush also adds that it has “continued the strong momentum” from FY21 in the first six months of the current financial year despite the unpredictable trading backdrop, with revenues up 20 percent against the prior year and up 42 percent on a two-year basis.
This strong performance continues to be driven by high levels of customer acquisition and engagement, further sales growth through the brand’s e-commerce channel, and the positive performance experienced since the re-opening of Hush’s UK retail concessions.
Bartman added: “We’re pleased to say that our momentum has continued into the current year against a challenging retail backdrop, and with our growing and loyal customer base, exciting new collections, and the strong performance of our bricks and mortar retail channels to complement our rapidly growing digital sales, we are very well positioned as we enter the Christmas trading period.
“Above all else, the brand’s continued success is down to our people. We have retained and recruited exceptionally talented people and continued to promote our strong ‘one team’ culture while navigating the novelties of hybrid home and office working. This performance belongs to every member of our amazing team.”
In March 2020, Hush also received the first external investment in the company’s 18-year history from True Global, Europe’s only retail and consumer sector private equity specialist, which led to the fashion brand investing in a number of senior appointments during the period.
Bartman who was commercial director was promoted to chief executive, while Sheila McKain was promoted to chief product officer. Don Davis joined from Asos as chief financial officer, Peter Davies from Superdry as chief technology officer, and Andrew Woodward from Selfridges as chief marketing officer.
In addition, retail industry leader Susanne Given was named as Hush’s first-ever non-executive chair in November 2020 to support the brand’s long-term growth ambitions.