Crew Clothing's 2024 turnover up 7 percent, profit after tax nearly doubles

Crew Clothing Co Limited has announced a robust financial performance for the 52-week period ending December 29, 2024, characterized by a significant leap in profitability and continued retail expansion. The British lifestyle brand reported a 7 percent increase in turnover to 123.4 million pounds (166.5 million dollars) compared to the previous 52-week equivalent, fuelled by double-digit growth in its digital channels and a resilient performance across its physical store estate.

The company’s adjusted EBITDA rose by 41 percent to reach 24 million pounds, up from 17.1 million pounds in the prior 52-week period. Profit after tax nearly doubled, climbing to 19.4 million pounds from 11.2 million pounds in 2023. A key contributor to this year's results was an exceptional insurance payout related to Covid-19 business interruptions, which added approximately 3.2 million pounds in income.

Crew Clothing continues to shift its focus toward direct-to-consumer channels. Ecommerce sales surged by 14 percent, while physical store sales grew by 9 percent, supported by 14 new store openings during the year. In contrast, wholesale and third-party sales saw a slight decline of 3 percent. To support this growth, the company invested heavily in its infrastructure, including upgrades to IT and finance systems and enhanced customer insight capabilities.

Looking ahead, the board remains committed to a "sustainable growth trajectory". The company's strategic priorities for 2025 included expanding ranges across menswear, womenswear, and accessories to attract new demographics, and expanding retail footprint in target UK markets.

Despite the strong results, in a filing with the Companies House, the management noted ongoing "global freight risks" related to Red Sea shipping delays and volatile consumer spending due to cost-of-living pressures. To mitigate these, the company is working closely with suppliers to extend production timelines and maintain "agile" decision-making.