What’s not to like. . . .26 Jun 2018 09:39
The numbers themselves were largely as expected, with revenue climbing by a third to £194.8mln, while adjusted pre-tax profits edged up to £8.4mln.
Footasylum – which was set up by JD Sports co-founder David Makin – unveiled plans to pour more money into its consumer offering ahead of its peak Christmas trading season, while it will also invest heavily in store upsizes and the opening of new sites.
During the financial year, the company opened 10 new shops, taking the total to 65, it refitted two stores and upsized seven with investment in opening up an additional floor in our head office, and opening an additional warehouse at Stakehill Industrial site, also opening a new design studio in Gorton, MASSIVE INVESTMENTS within the year.
Also continued investment in the footasylum.com website Where online sales were UP 41%, accounting for 30 per cent of total revenueand further investment in other online platforms with the launch of an own brand website, and apps for Footasylum, Kings Will Dream and SEVEN.
The investment forced a host of City analysts, including house broker Liberum, to chop their profit forecasts for the current year by 25%. THIS IS SHORT TERM PAIN FOR LONG TERM GAIN.
I’d say we’re owed at least a 25% rise right now and then a full recovery and beyond once the investments start to kick in, FOOT are bucking the trend, opening and expanding where others are failing,
The future bright imo
Best of luck to all
Firwood