AllSaints Reports Revenue Decline Amid US Tariff Hurdles
The fashion group saw profits dip in early 2026 as import costs and supply shortages constrained its US operations.
Updated on Oct. 28, 2026 in Economic Indicators
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AllSaints group reported a 6.6% decline in total revenue to £412 million for the 52-week period ending January 31, 2026. The performance reflects significant inventory disruptions caused by US tariff instability that began in April 2025.
Why it matters
Management chose to absorb increased import costs rather than raise prices for customers, leading to a 33.7% drop in pre-operating exceptional EBITDA to £46.1 million. The shift highlights how sudden trade policy changes can strain global retail margins and inventory fulfillment.
Total group revenue for the year reached £412 million, reflecting a 6.6% decline compared to prior reporting. Conversely, the group reported a recovery with 6.7% revenue growth during the 26-week period ending August 1, 2026.
The players
AllSaints
A British fashion retailer known for leather jackets and apparel that operates internationally.
John Varvatos
A luxury menswear brand that is part of the AllSaints group portfolio.
Aaron Esh
A fashion designer who recently collaborated with AllSaints to unveil a new collection.
The details
The group struggled with stock shortfalls in key product categories, preventing the fulfillment of consumer demand across its US market. While US operations faced these headwinds, the company experienced a contrasting 37% year-on-year sales growth throughout Europe.
Timeline
April 2025 marked the beginning of US tariff instability.
January 31, 2026, concluded the 52-week financial reporting period.
August 1, 2026, concluded the 26-week financial reporting period.
September 2026 saw the unveiling of the first collection under Aaron Esh.
Macro View
The firm's financial performance aligns with the 2025-2026 US tariff-induced retail supply chain disruption that forced many international brands to recalibrate their logistics. This trajectory mirrors historical cycles where retail margins contract during periods of heightened trade protectionism.
Shoppers may find improved product availability following the company's recent focus on inventory management. Readers should note that management has prioritized price stability over aggressive retail cost increases despite the recent inflationary environment.
The takeaway
Retailers navigating trade policy instability often face a difficult choice between absorbing higher import costs or passing them to consumers. Maintaining price stability can protect brand loyalty but requires careful inventory planning to avoid stock shortages.
Further reading
For broader trends on trade policy impacts, visit the Economic Indicators section.
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