Gymshark breaks £600m revenue barrier despite profit dip in FY24

Gymshark has reported a record revenue of £607.3m for the year to 31 July 2024, surpassing the £600m mark for the first time.

This is a 9% increase from £556.2m in the previous year, marking the twelfth consecutive year of growth for the Solihull-based sportswear brand.

For FY24, the gymwear giant‘s pre-tax profit fell to £11.8m, down from £13m the previous year. This marks the third consecutive year of declining profits, as the business continues to invest heavily in its omnichannel expansion and digital infrastructure.

Adjusted EBITDA rose by 14% to £51.7m, with orders increasing by 14.1% and units sold growing by 13.6%. International sales rose by 5.9%, contributing to the brand’s overall growth.

The retailer’s UK sales climbed from £111.7m to £136.4m, while its European sales (excluding the UK) surged by 12.6% to £145.7m. Meanwhile, the US market remained steady, with revenue edging up slightly from £250.4m to £251m.

CEO and co-founder Ben Francis said: “Despite well-reported economic turbulence, FY24 represented another strong year of growth for Gymshark.

“We broke the £600m barrier for the first time, and adjusted EBITDA rose by double-digit numbers. Looking ahead, we’re focused on controlling our expenditure to continue building a fully omnichannel business and ensure we’re well-positioned for the future.

“It’s no secret that the retail sector is feeling the strain from macro-economic pressures. However, we’re ensuring we have a heightened focus on controlling our expenditure, so we’re best set up to become a fully omnichannel business and realise our dream of becoming a 100-year brand.”

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Gymshark’s international presence continues to grow, with plans for new store openings in key markets.

This year, the brand is set to open its flagship New York store, located at 11 Bond Street. Spanning 13,000 square feet across four floors, the store will not only feature a retail space but also host community events, workout studios.

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