Latest news with #WeirdFishLimited
Fashion United
4 days ago
- Business
- Fashion United
Weird Fish Limited reports strong sales and profit growth in 2024
Weird Fish Limited, the casual lifestyle clothing and accessories company, has announced a period of robust financial growth for the year ended December 29, 2024. Turnover for the year improved to 42.6 million pounds and the company reported operating profit of 4.17 million pounds, profit before tax of 2.94 million pounds, while net profit rose to 2 million pounds. The gross margin improved by 8 percentage points, reaching 63.4 percent, attributed to reduced discounting and improved intake margin. The company said in a filing with the Companies House that the company's strategic initiatives, including route to market optimization, physical expansion, and margin improvement, have contributed to this strong performance. Weird Fish opened six new retail stores and 28 concessions during the year, alongside accelerated investment in third-party platforms including Next, Mountain warehouse, Freemans and Matalan, to expand brand awareness. Online revenues grew by 16.8 percent to 20.9 million pounds, and the retail division saw a 7.6 percent growth to 15.6 million pounds. International revenues also increased by 8.5 percent to 1.36 million pounds, aided by the introduction of Global-e in 2024. The company added that challenges such as the increased cost of living, inflation, and rising wage costs continue to put pressure on the business. Looking ahead, Weird Fish plans further expansion in the UK, aiming to open an additional 10 retail sites and 15 concessions in 2025. The focus will remain on enhancing product ranges, improving margins, and investing in people and systems.
Fashion Network
4 days ago
- Business
- Fashion Network
Weird fish has strong 2024, performance continues into 2025
Within the business, another company, Weird Fish Limited, reported the same turnover and gross profit figures with slight differences on operating profit. In this case, profit before tax was £4.2 million, up from £1.4 million and net profit was £3.3 million up from £1.1 million. Weird Fish Holdings highlighted the ongoing strategic opening of resort and destination stores to balance its multi-channel offering that continues to pay dividends with its retail division growing by 7.6% to £15.6 million. Online revenues also grew 16.8% to just under £20.9 million with its channel contribution growing 44.1% as it successfully focused on an increase in average transaction value and building margins. Meanwhile international revenues increased by 8.5% to £1.37 million. This was a combination of sales via both e-commerce and B2B channels. The introduction of Global-e in 2024 was a key element in driving international revenues, it said. Pleasingly as well, following 'attrition in 2023', its wholesale business has developed 'on a stronger base of accounts with revenue increasing by 3.2%' to £6 million. In the commentary that came with the figures, the company said it performed very strongly during the period, 'having implemented a number of case strategic improvement initiatives during the year'. These included continued route-to-market optimisation, with accelerated investment in delivering third-party platforms in order to expand its reach and brand awareness. It also undertook a considered physical expansion with six new stores and 28 concessions opened in the year. The margin improved as well with a particular initial focus on full price. And it paid great attention to sourcing during the year, which helped boost the gross margin. It added that the pace of operational improvement has continued into 2025 as its strategic initiatives continue to be delivered and expanded, including enhancing its product ranges. The company explained that the developments have been 'very positively received' and it has seen a further increase in profitability this year so far. It also said that despite the continued cost pressures on retail businesses, the firm continues to be committed to paying at least the real living wage to all directly employed staff and it will continue to be a strong advocate of sustainable practices. Its partnership with Newlife to save customer returns and end-of-line stock from landfill helps to raise money for Newlife's charitable work for children and during 2024 the company donated 549 boxes of garments to the charity for repurposing. Its collaboration with RSPB also continues into its 15th year.
