Footasylum steps into profit
THE co-founders of the JD Sports empire have hailed a “step change” in the performance of their Footasylum sports and fashionwear business.
John Wardle and David Makin’s Heywood-based chain grew sales by almost 63% to £44.8m in the year to February 29 (2011: £27.5m).
Like-for-like sales were 35% higher.
This increase in revenues also meant that the company turned around a pre-tax loss of of £1.9m in 2011 into a profit of £58,285.
Writing in notes to the company’s newly-filed accounts, Mr Wardle said that the seven year-old firm, which now trades from around 25 stores, was “continuing to gain momentum, increase market share and progress positively”.
“Three new stores were opened during the year and more are planned in the year to February 2013,” said Mr Wardle.
“The group is well funded and maintains its focus and investment in infrastructure and strength of its management team.
“The directors believe continued investment in the product range, with particular emphasis on on quality, design and employing people with the relevant expertise, will enable the group to improve on its market positing.
By the year end, Footasylum’s net assets had increased by £5.5m to £7.5m as it paid down more than half if its long-term debt. Net debt at its year end stood at £701,288 (2011: £5m).
