FootAsylum fashions 55% sales hike

FOOTASYLUM, the independent footwear and fashion retailer, has grown sales more than 50% as it continues to expand its store numbers.

The Heywood, Greater Manchester-based company, owned by John Wardle, one of the founders of JD Sports Fashion, now has 26 stores nationally, mostly in high footfall locations such as the Trafford Centre, LiverpoolOne and London’s Westfield Centre.

In the year to the end of February FootAsylum saw losses rise slightly from £1.7m to £1.8m, while sales were up nearly 55% from £17.7m to £27.5m.

Newly-filed accounts show that the company strengthened its balance sheet to the tune of £5.3m, as loan notes were converted to equity.

In his business review, Wardle, a former fireman, turned retail entrepreneur and latterly football club chairman – he used to be majority shareholder at Manchester City FC – said FootAsylum had made progress and would continue to expand, albeit on a “prudent and cautious basis.”

He said: “Like-for-like sales improved at a higher level than prior years as sales densities continued to grow stronger in core stores. Gross margin was enhanced by 1.2% and stock turn again improved.”

Wardle, who runs the business alongside his former JD colleague David Makin, said the group had also invested to develop an infrastructure to support its store roll-out and geographic expansion.

“The group is well funded and maintains its focus and investment in infrastructure and strenght of its management team. The directors are also confident that the business is well-placed to exploit current market opportunties,” he added.

Selling popular fashion brands such as Vans, Nike and Adidas, FootAsylum’s Manchester Arndale shop was one of the strores targeted by looters during the riots in the city earlier this year.