- Prachi Singh |
For the year to October 2017, Crew Clothing said that the company’s turnover increased by 1 million pounds (1.2 million dollars) or 2 percent to 59.3 million pounds (75.5 million dollars). During the period, retail like-for-like sales improved 5 percent and ecommerce sales were up 12 percent.
Commenting on the company’s performance, David Butler, Crew Clothing’s CEO said in a statement: “Crew Clothing has performed strongly across all channels this fiscal year to date post its acquisition in December 2017. We are approaching the key peak period with confidence that our strategy is well positioned to deliver despite the current challenges for UK retailers.”
Crew Clothing posts strong annual results
The company said, gross margin for the year under review, increased by 1.4 million pounds (1.7 million dollars) or 4 percent to 34.1 million pounds (43.4 million dollars), while EBITDA increased by 13 percent to 2.7 million pounds (3.4 million dollars). The company added that on a like for like basis removing the impact of the 53rd week, EBITDA increased by 28 percent.
Crew Clothing further said that the company’s strong performance, in light of the current challenges faced across UK retail, was driven by the continuing investment strategy that began in 2015 in rebalancing the store portfolio and enhancing the online proposition and product ranges. Under the ownership of Livingbridge Private Equity, the company continued to invest in the store portfolio with three new store openings or relocations so far this financial year.
The British lifestyle brand offering menswear, womenswear, footwear and accessories operates 79 stores around the country, as well as online at Crewclothing.com and through wholesale.