Luxury leathergoods brand Aspinal of London reported a slight uptick in sales for the year ended 31 March 2024, as it continued to operate what is said was a “successful profitable, cash generative business model”.
Sales across the business rose 9 percent to 38.6 million pounds, up from the year prior’s 35.4 million pounds. Gross profit also increased marginally, rising from 22.3 million pounds to 23.2 million pounds. Despite this, operating profit at the company fell on a like-for-like basis to 4.6 million pounds, compared to FY23’s 6.6 million pounds.
The business additionally posted an EBITDA of 5.3 million pounds for the year, reflecting a 27.4 percent decrease compared to its formerly reported 7.3 million pounds. Aspinal of London attributed the drop to an uplift in marketing expenditure aimed at exploring new international markets.
Management at the company said it would continue to follow previously specified strategies to generate future growth, including developing domestic and international sales e-commerce channels, evolving marketing initiatives and implementing new product categories.
Into FY25, Aspinal said that its continued investments into supply chain management, merchandising and product development, among other factors, will “continue to enhance strength, demand and longevity” enabling it to grow market share “despite economic uncertainty”.
As such, the company is looking into the coming period with a “strong sense of confidence and optimism as it diversifies and invests in new product categories and new market opportunities”.
