Crew Clothing has announced a surge in sales for the year 2022, despite facing challenges due to the conclusion of Covid-19 support measures. The popular smart-casualwear brand experienced a remarkable 22% increase in turnover, reaching £101.3 million, compared to the previous year. This growth can be credited to the company’s collaboration with both existing and new marketplace partners, as well as its strong performance in the retail and wholesale sectors. However, adjusted EBITDA declined to £13.5 million, down from £16 million in the previous 12 months, primarily due to the financial aid received from the government during the pandemic.

Alongside the drop in adjusted EBITDA, the company also witnessed a decrease in profit before tax, which fell to £11 million from £16.7 million. Additionally, net profit for the period dropped to £9 million, compared to £13.6 million previously. Despite these setbacks, Crew Clothing took a disciplined approach to promotions, aiming to enhance its margins and optimize its working capital. The company firmly believes that its brand appeals to a wide range of customers and sees great potential for further expansion, even in the face of challenges encountered by the UK retail sector.

Crew Clothing’s online operations are expected to play a vital role in its future growth. The company plans to continue investing in digital marketing to leverage its online presence. Simultaneously, it will focus on optimizing its physical store estate. While the outlook remains cautious, the company has set a realistic plan for the 2023 financial year, anticipating an improvement in its trading performance. Crew Clothing is confident that its loyal customer base, effective marketing strategies, and diligent cost control measures will help offset the impact of inflationary pressures and the rising cost of living.

To learn more about Crew Clothing and its products, please visit their official website: Crew Clothing Official Website.

For further information on the UK retail sector and its challenges, you may find the following article helpful: Understanding the Challenges Faced by the UK Retail Sector.