Belstaff sales dip but losses narrow as margins rise

Belstaff International Limited’s accounts for 2024 have been filed and show its sales falling again, this time by 5.2% after a 3.6% drop in the previous year. Turnover for the latest financial year was £54.6 million.

That said, the gross margin percentage rose healthily to 28.1% from 25.9% while gross profit increased to £15.35 million from £14.93 million the year before.

Operating profit at the company dropped sharply to £593,246 from £2.123 million due to the prior year benefiting from a provision release in relation to a store lease that it surrendered early and foreign currency revaluation gains on inter-company loans. But the fall was partially offset by the stronger gross profit following improvements in margin and lower administration expenses.

The final profit figure was actually a loss of £15.9 million, which was actually narrower than the £18.3 million loss in 2023.

In the accounts, the company said the business objective is to grow both revenue and profitability, which begins with a renewed focus on brand image and heritage. This has been supported with a refreshed visual identity, new product categories and new technical fabrics.

The existing store portfolio is also being refurbished in line with this new design while new opportunities have been identified in strategic, brand-related locations (only last month that opened a new store at Victoria Leeds). The wholesale customer portfolio is also being constantly monitored.

And of course, we can’t ignore the fact that, in August this year it was announced that the Belstaff brand was being acquired by dynamic, sports-focused growth business Castore from existing owner Ineos (which also took a stake in Castore).

So there’s clearly plenty of potential for the brand to expand in the year (and years) ahead.