The U.K.-based activewear brand’s profits dwindled 55% to £10,191,000 ($12.7 mm) for the fiscal year ended July 31, 2023, from £22,529,000 prior, despite 15% higher revenues of £556,216,000 ($691.0 mm) against £484,476,000. Gymshark’s revenues still come overwhelmingly from DTC e-commerce, but its wholesale business that recently announced an entry into Selfridges produced £7.8 million in sales, and its London flagship store on Regent St. along with various pop-ups pulled in £12.0 million. Sales growth in the U.S. slowed to 10% for the year, accounting for £250.5 million, with the U.K. up ... Log in to view full article.