Sweaty Betty remains in the red as sales fall
Women’s activewear brand Sweaty Betty remains in the red as its pre-tax loss more than doubled amid falling sales, it has been revealed.
The London-headquartered business has reported a pre-tax loss of £13.4m for 2023, according to accounts filed with Companies House long after the deadline.
The latest loss comes after Sweaty Betty entered the red in its previous 12 months with a £5.1m deficit.
The new results have also revealed that the brand’s turnover declined from £167.7m to £144.2m over the same period.
Sweaty Betty was founded by Tamara and Simon Hill-Norton and acquired by American apparel manufacturer Wolverine Worldwide in August 2021.
Wolverine Worldwide’s brands also include the likes of Hush Puppies, Chaco and Merrell.
In a statement signed off by the board, Sweaty Betty said: “The company’s performance in 2023 has been impacted by the ultimate controlling party’s reorganisation of subsidiary entities which has removed Sweaty Better’s North American wholesale operations from Sweaty Betty Limited.
“Excluding this reorganisation, underlying performance was slightly lower than 2022 and continued to reflect the broader economic and socio-political environment.”
In the UK, Sweaty Betty’s turnover fell from £118.3m to £116.4m and from £31m to £13.5m in the USA.
In the rest of the world, its sales also declined from £18.4m to £14.2m.
During the year the average number of people employed by Sweaty Betty rose from 944 to 990.
The results come two months after Sweaty Betty expanded its presence in the US by opening two new stores in Chicago and Washington DC.
At the time global brand president Melissa Mullen said: “We are thrilled to open these new locations in Chicago and DC, which mark an exciting opportunity to connect with new communities and deepen our presence in key markets,.
“We look forward to being part of these vibrant cities, supporting our consumers’ active lifestyles, and continuing to grow our global sisterhood.”