Safestore Sees 5.7% Revenue Growth in Q3 Driven by LFL Sales and New Openings

Safestore Holdings (LSE:SAFE) reported a 5.7% year-on-year increase in group revenue for the third quarter at constant exchange rates, with like-for-like (LFL) revenue up 3.4%.

In the U.K., like-for-like revenue rose 2.8%, reflecting a continuation of the company’s positive quarterly trajectory, supported by steady domestic customer demand and gains from unit partitioning. Paris saw a 1.7% increase in like-for-like revenue, buoyed by higher occupancy levels.

Expansion markets delivered the strongest growth, with like-for-like revenue climbing 13%, driven by a combination of higher occupancy and improved rates. Overall group closing occupancy reached 81.8% of the company’s lettable space, slightly above the 81.4% recorded in fiscal 2024. Newly opened sites also contributed to revenue gains during the period.

During the quarter, Safestore opened a 47,400 sq ft facility in Brussels, followed by a 60,000 sq ft store in Noisy, Paris at the start of Q4. The development pipeline remains on schedule, with over 700,000 sq ft of additional space expected to come online this financial year.

Chief Executive Officer Frederic Vecchioli said the company was “encouraged with our continued momentum with growth coming across all markets driven by both LFL stores and our new store opening programme.” He added that the U.K. performance was improving due to “robust domestic customer demand and the benefits from our space partitioning programme.”

Safestore continues to anticipate that full-year 2025 earnings per share (EPS) will align with market expectations.

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