FatFace, the lifestyle clothing and accessories brand, announces its half-year financial results for the 26 weeks to 30 November 2013.
FatFace has continued its profitable growth, both through the development of its UK store portfolio and as a result of its enhanced multi-channel offer, which continues to drive increasing e-commerce sales.
First half highlights:
- Total sales increased by 15% to £98.9m (2012: £85.7m)
- EBITDA increased by 57% to £19.6m (2012: £12.4m)
- Six new stores opened (2012: 7) and four relocations (2012: 0), to create a UK store portfolio of 208
- E-commerce sales increased by 55%, and now represent 14% of overall sales (2012: 11%)
- Further £19.7m of debt repaid, net debt now at £111.5m (2012: £136.6m)
FatFace maintained its full price stance prior to Christmas with our sale starting as usual on Boxing Day. This was despite heavy discounting elsewhere across the retail sector. Price integrity is valued highly by FatFace customers, and they responded well to this, buying with confidence both before and after Christmas.
As a result, sales for the five weeks to 4 January increased by 5% against a very strong equivalent period last year, with the week ending 28 December proving to be a record week, and Boxing Day being the biggest single sales day in FatFace history.
Anthony Thompson, Chief Executive of FatFace, said: “Very strong sales during the first half have been followed by record Christmas trading.
“Investment in our product, service and store environment continues to build trust in the FatFace brand and our reputation for offering quality, style and value for money. Combined with the further expansion of our UK store portfolio and the rapid development of our multi-channel offer, this has led to another half-year of double digit sales and profit growth.
“We remain confident that FatFace continues to appeal to an increasing number of customers, and we see a range of opportunities for further growth.”
FatFace is a fast-growing lifestyle clothing and accessories retailer, based in the UK. Having started in 1988 as a business selling t-shirts and sweatshirts in the Alps, we are now one of the UK’s most recognised multi-channel retail brands stocking a wide range of womenswear, menswear, childrenswear, footwear, and accessories, all designed in-house at our headquarters in Havant, Hampshire.