Crew Clothing increases full year turnover and profit

Crew Clothing’s turnover for the 52 weeks increased by 13 percent to 114.9 million pounds, with ecommerce up 18 percent; stores up 5 percent; and third party & wholesale increase of 28 percent. For the 53 weeks, turnover reached 117.2 million pounds.

In a filing with the Companies House, the company said, adjusted EBITDA increased to 17.1 million pounds, an increase of 26 percent driven by strong sales performance. For the 53-week year this figure was 18.2 million pounds.

Profit for the year after corporation tax rose to 12.2 million pounds and profit for the year after tax amounted to 11.2 million pounds.

The company added that Crew Clothing have achieved strong trading results in 2023 amidst what remains a tough retail environment for many.

During the year under review, the company invested in key areas of expansion including developing online presence and optimisation of the bricks and mortar estate, as well as developing systems infrastructure and customer insight. Crew Clothing plans to continue implementing these strategies going forward.

“Looking ahead, the business plans to continue a strong growth trajectory across all channels. Key strategies in place to deliver these results include an expansion of product ranges; widening the breadth of products available across menswear, womenswear, childrenswear and key gifting categories such as sleepwear and accessories,” Crew Clothing said.

The company also plans to expand its retail footprint across key target markets within the UK.

Crew Clothing believes that the retail landscape remains a challenging and volatile space for all and the business remains cognisant of potential slowdown in consumer spending as a result of a rise in the cost of living and economic pressures.