UK-based casual wear retailer Crew Clothing has seen profits increase by 13% with “significant growth across all channels”.
In its final year results ending 31 December 2023, Crew Clothing’s EBITDA increased by 26% to £17.1mn, up from £13.5mn the year prior. Profit for the year after corporation tax was £12.2mn, up from £9.6mn the year prior.
The lifestyle brand – which has 105 stores, a D2C offering and is available via the Next, M&S and John Lewis platforms – saw instore sales increasing by 5%. Its ecommerce sales grew by 18%, and third-party retail sales were up by 28%.
Crew Clothing credited its investment in key areas of expansion, “including developing online presence and optimisation of the bricks-and-mortar estate”. In May, it opened its latest store in Canterbury. While, at the end of 2023 the lifestyle brand said a new paid social strategy had helped to increase new customer sales.
Looking ahead, the retailer stressed it remained “committed to growth across all areas of the business”, and to expanding its store network by targeting key locations in the UK. It also plans to expand its product ranges, widening its breadth of goods available across menswear, womenswear and childrenswear and key gifting categories including sleepwear and accessories.
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