Strong revenue growth at Gymshark saw £556.2m in sales clocked up for the year to 31st July, ’23 as compared to the £484.4m recorded for the prior year.
It was not all plain sailing, though, as rising costs saw pre-tax revenues fall to £13m as against the £27.8m for the previous year.
In its statement, the board commented: “During the last financial year, apparel businesses have continued to face rising input costs, including rising raw materials and labour costs. However, other costs, notably freight, began to normalise during the financial year.
“The board has continued to monitor these costs closely, as well as changes to the macro environment, from a general perspective and with regard to conditions in key geographies. The consumer has been hit hard by the general macroeconomic climate, with inflation and cost of living increases impacting discretionary spending.”
The business is understood to be working to improve profitability the the current FY by more tightly controlling its costs whilst continuing to grow its sales.
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