The U.K.-based activewear brand’s profits slipped 29% to £7,197,000 ($9.1 mm) for the fiscal year ended July 31, 2024, from £10,191,000, despite 9% higher revenues of £607,345,000 ($768.8 mm) against £556,216,000. Gymshark’s revenues are mainly generated from DTC e-commerce, which grew 10% in the period to £588.7 million, while its wholesale business contributed just £3.0 million, with various pop-ups accounting for the rest. Sales in the U.S. were flat at £251.0 million ($317.7 mm), but the U.K. was up 22% to £136.5 million, Rest of Europe gained 13% to £145.7 ... Log in to view full article.