Men’s footwear brand Oliver Sweeney has announced strong financial results for the year ending in April, with nearly 20% revenue growth driven by its expansion into men’s clothing. The company’s turnover rose 18.5% to £9.06 million, while operating profit (EBITDA) increased by 16% to £654,000. Pre-tax profit surged 25% to £583,000.
The introduction of clothing has been a major factor in the company’s success, with sales in this category up 52.3%. The business also saw broad growth across its operations, attracting nearly 22,000 new customers and increasing orders from existing customers by almost 40%.
CEO Tim Cooper, who has overseen the company’s turnaround, said the addition of menswear complements Oliver Sweeney’s established reputation as a high-quality, stylish footwear brand. “Our range appeals to fashion-conscious men who seek timeless items for their wardrobes,” Cooper said.
Oliver Sweeney struggled during the pandemic, as a drop in shoe sales and a shift toward comfort-focused clothing hurt the brand. The company entered administration, leading to the closure of all five of its retail stores. Now, the brand operates online and through department stores like John Lewis and House of Fraser.
Importantly, the company now uses sophisticated analytics for targeted marketing and customer acquisition, ensuring that every new customer is profitable from their first purchase.
Cooper added, “With our growth strategy and new clothing range in place, we’re now looking toward international expansion. This is an exciting time for the business, and we are confident in our ability to grow profitably in the future.”
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