All Saints makes it big in America as sales surge

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The Independent Online

The trendy fashion chain All Saints has delivered surging underlying sales this year and has been approached by a major US investment bank to explore its options, including a potential flotation. The retailer is also pushing ahead with its expansion in the US by opening new shops in Las Vegas and New York over the coming weeks.

All Saints, which has 10 US shops, is believed to be funding its expansion there from cash generation and its £50m working capital facility from Lloyds. Its group like-for-like sales are up 34 per cent this year.

While an IPO remains a long-term goal for the chain, a formal process is not imminent. The fashion chain, which declined to comment, delivered profits up by 90 per cent to £23.6m for the year to 31 January 2010.