White Stuff posts increased sales and profits, driven by strong full price performance

White Stuff, the British multi-channel lifestyle brand, has today announced full year results for the period ending 27 April 2024.

FINANCIAL HIGHLIGHTS

• Total sales for the period increased to £155.0m up 2.4% from the previous year (2023: £151.4m)
• Full price sales were +6.8% from the previous year, driven by reduced promotional activity, and a focus on our customer ‘favourites’ ranges, which accounted for 50% of full price sales
• EBITDA increased to £8.6m, up 23% on the prior year adjusted EBITDA (2023: £7.0m)

PRODUCT, BRAND AND OPERATIONAL HIGHLIGHTS

• Sales were driven by our continued focus on what customers want – thoughtfully created designs with unique details, great quality and fit, and sustainable fabrics
• We opened 3 retail shop locations during the year, including a flagship store in Liverpool ONE, and moved beyond our core market town locations and into city centres and shopping malls. Further openings are planned for 2024 in Teesside and London Gatwick
• In addition to standalone stores, we have grown our partnership with M&S, now operating from 20 locations across the country. Sales from all third-party concession partnerships increased by 19% over the year
• We delivered a strong wholesale sales performance and have launched in three new markets – New Zealand, Czech Republic and most recently in the USA in June 2024
• We continued to invest in new technology to improve the customer experience and operational efficiencies, including a new website platform and stock allocation system
• White Stuff remains the UK’s biggest fashion retailer of Fairtrade sourced cotton⁽¹⁾. During the year, we donated £129k to charity
• After mapping our baseline carbon emissions (direct and indirect), we are working towards becoming carbon net zero by 2050

1. ^{Source: Fairtrade Foundation}

CURRENT TRADING AND OUTLOOK

• This financial year is off to a good start, despite the ongoing pressures on consumers and impact of global inflation. Total sales and profit are ahead of last year, with a particularly strong full price and margin performance
• Summer collections have been well received, with high demand for dresses and linen, as well as the continued success of customer ‘favourites’ such as Rua dresses and Nelly tees
• Over the course of the next year, we have ambitions to grow sales and profit across all channels by continuing to expand the reach of the brand through new stores, third parties and wholesale in the UK and internationally, as well as investing more in brand awareness
• The focus will remain on delivering unique, thoughtfully designed product and excellent customer experiences across our retail and online channels, while sensibly controlling costs and driving efficiencies
• We will celebrate our 40^th anniversary in 2025, including bringing back an edit of customers’ most loved heritage White Stuff designs

Jo Jenkins, chief executive, commented: “This has been another strong year for White Stuff, despite a challenging external environment, which reinforces that the commitment to our brand transformation is working.

:We have continued to create unique, high-quality products that our loyal White Stuff shoppers love, and we have also introduced our brand to many more new customers through store openings, expanding into new markets, and growing our presence in third-party partnerships.

:In 2025 we will be celebrating our 40^th anniversary. We are as confident in our brand credentials as ever. We will continue to focus on our multi-channel approach – giving more and more customers easier access to the brand, as we grow in the UK and internationally.

“Thank you to all the team across White Stuff for another great year and thank you to our customers for choosing to shop with us.”