AllSaints seems to be on a roll and shortly after announcing a new creative director and a raft of new stores, the company (which also owns John Varvatos ) has now turned in record profits.

Despite the tough backdrop, the year to 1 February saw EBITDA rising 1% to £69.5 million, “reflecting the benefit of margin improvement initiatives”.

So let’s look at the details. Like another UK business that reported on the same day (The Very Group), the company achieved higher earnings despite turnover declining as it focused on profitable sales.

Total group revenue dropped 4% to £441.3 million, “following a deliberate reduction in promotional and markdown activity, designed to improve the quality of sales”.

AllSaints revenue was down 5% to £372.4 million while John Varvatos was up 4% to £68

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