The Cheshire-HQ’d UK arm of New Balance has returned to pre-tax profit for the first time since 2014.
New Balance UK, based in Warrington, posted a turnover of £679.7m for the year, up from £413.5m it achieved in 2021, and a pre-tax profit of £6.6m. It posted a loss of £6.5m in the previous 12 months.
The firm’s US-based parent, which operates more than 500 stores worldwide and has a presence with over 3,000 retail partners, previously posted global annual revenue of $5.3bn in March.
A statement from the board of the former Liverpool FC kit sponsor said: “The year-on-year improvement was driven by sales and margin growth across wholesale and direct to consumer channels where both consumer demand and brand strength continued to increase.
“There was a similar uplift in intercompany sales as the trend seen within the UK market was largely replicated across other subsidiaries.
“Cost base management continued to be a primary focus, but as with previous years there was on-going strategic investment in the UK, particularly in both the running and football categories, which continues to impact results.”