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Sandra Halliday Published
September 4, 2025
Footasylum has filed its results for the year to the end of January with the company, saying that operating profit and gross margin fell. It also faced hefty exceptional costs in the period.
However, revenue rose to £298 million from £281 million, although the cost of sales was also around £10 million higher. Gross profit was up to £139 million from £132 million, but administrative expenses rose by almost £13 million and exceptional items amounted to £4.47 million, compared to £2.36 million in the previous year.
In the earlier financial year, the company had received £6.2 million worth of government relief linked to the pandemic and it clearly had a big impact on that year’s profit.
It all meant that operating profit dropped to £6.47 million from £14.8 million this time and profit before tax was only £2.8 million, down from £11.1 million. That left net profit at £1.76 million, down from £8.9 million in the previous 12 months.
The company’s physical sales accounted for 57% of its revenue in the latest financial year (FY23), up from only 51% in FY22. And its online sales accounted for 40% in the latest period, down from 46% a year earlier. The percentage of revenue accounted for by wholesale was unchanged at 3%.
The change in the sources of revenue was clearly linked to the end of the pandemic, and the recovery of store-based retail. But physical retail hasn’t been a bed of roses.
The company said it's not immune to the widely reported challenges to physical retail in the UK and remains conscious of the headwinds that the sector is seeing.
It said it will continue to focus on "robust cost control", while streamlining and improving its internal and external delivery chain and driving savings opportunities.
That said, stores remain hugely important alongside digital and through its stores and its digital ops, it continues to focus on “understanding and entertaining our consumers”.
With that in mind, in the current financial year it's planning to increase its store base and work to boost store performance to make its physical spaces more profitable.
Back in May it announced that it would open a flagship store on London’s Oxford Street, citing strong demand for its branded streetwear offer. The new 20,000 sq ft store covers two floors with a big focus on the destination as a click & collect location. It has also been opening other stores around the UK and FY24 will be a big year for openings.
Footasyulm is owned by German asset management company Aurelius after a bruising period in which JD Sports bought it but was told to sell it by the competition authorities. That sale was delayed as JD Sports fought the decision but ultimately lost the argument.