Profits at White Fox have slipped by around 10 per cent in the FY25 period as tariffs caused headwinds to the hoodie brand's bottom line.
This is according to the latest filings to ASIC by the Australian fashion label, which show that despite the bottom line snag, top-line growth is still quite healthy.
The filings show that White Fox's profit for the year was $93.8 million, down from $104.4 million in FY24. The company's profit before tax was also down by around $15 million to $134.1 million.
This came amid a $20 million uplift in marketing costs to $52.4 million, and a near-doubling of administrative expenses to $14.8 million.
At the top-line, White Fox's total sales hit a record $542.5 million, up 21 per cent, with gross profit hitting $252.5 million, up from $230.9 million in FY24.
The filings also show the brand's contract liabilities — which include deferred revenue and store credit and gift card liabilities — nearly tripled over the period, rising from $15 million to $41.7 million. Deferred revenue alone jumped from $9.2 million to $31.7 million, reflecting a significant volume of orders paid for but not yet fulfilled at year end.
The accounts also note that White Fox incorporated a UK entity in September 2024 to support expansion of the group's sales in overseas jurisdictions, adding to its existing United States operation.
The brand's founders and directors, Daniel and Georgia Contos, gave themselves $35.4 million in dividends, which is nearly half what they received in FY24 ($76.5 million).
"During the year, the United States government implemented tariff increases on certain imported goods, effective April 2025," the founders shared in the accounts.
"These tariff changes have increased the cost of products sold by the company into the United States operations of the Group.
"Management continue to monitor the potential financial impact of these developments on the group's operations. Given the evolving nature of the tariff environment, the group is not currently able to reliably estimate the future financial effect of these developments."
The latest lodging comes after ASIC began cracking down on late or sub-par lodgements of financial reports by significant entities. This led to White Fox being slapped with a $187,800 fine.
Following that, the hoodie brand has begun filing its accounts, starting with FY22 a month ago. Since FY22, White Fox's revenue has lifted more than four-fold, from $121 million.
The company also reported a halving of its cash and cash equivalents by FY25 end, dropping from $44 million to $20.2 million.