Crew Clothing’s annual sales race by 12 percent in FY14

British Casual clothing brand Crew Clothing is accelerating its store expansion after enjoying a steady 12 percent increase in annual sales last year. The company currently runs 76 stores in the UK as well as concessions in John Lewis.

“The expectations of our customer are changing rapidly and therefore we continue to invest in the key areas of infrastructure in order to provide a high quality of service,” the company said. “This ongoing investment will provide the platform for the future growth of the business with logistics and information technology being strengthened during the year."

As reported by the ‘Telegraph’, sales grew to 6.5 million pounds for the year ending October,26.

On the contrary, operating profits fell to 1.06 million pounds from 1.3 million pounds the year before, according to accounts presented to the Companies House. Crew Clothing further explained that the fall in profits was related to investment in its online business.

It is noteworthy that Crew slid into the red due to a 106,828 pounds loss compared to a 226,846 pounds pre-tax profit in 2013, recalls the London paper.

Crew Clothing Co was founded in 1993 by Alistair Parker-Swift, a professional skier and windsurfer, who started the business by selling rugby shirts and sailing-themed clothes from a windsurfing shop in Devon. He remains a director at the company.

Private equity firm Living Bridge - formerly Isis Equity Partners - bought 25 percent of Crew in 2006 as part of a 7.7 million pounds deal.

Justin Hampshire, Crew’s finance director, said that the group planned to open between 10 and 15 stores over the next couple of years. Last year, the fashion business opened just one.