Crew Clothing: Turnover rises, but profits narrow in 2022

British lifestyle brand Crew Clothing saw its turnover increase 22.5 percent in 2022, with positive growth across both its retail estate and wholesale channel.

The company posted turnover of 101.3 million pounds for the 12 months ended December 25, 2022, up from 82.7 million pounds the prior year, according to filings at Companies House.

On a less bright note, the company’s EBITDA narrowed to 13.5 million pounds from 16 million pounds, which it said was due to the support it received in 2021 through the government’s Coronavirus Job Retention Scheme, grants, and business rates relief.

Crew Clothing’s profit after tax in 2022 fell to 8.9 million pounds from 13.7 million pounds.

The company said the trading environment was “challenging” in 2022 due to various factors including the pandemic, inflation, the cost-of-living crisis, and the impact of war in Ukraine on the retail industry.

“We remain cautious and have set a realistic plan for the 2023 financial year that shows a gradual uplift in our trading performance, particularly in our stores and market place partners,” the company said.

“Further, we are confident that our loyal customer base, sensible marketing strategy and tight operating costs control will help Crew Clothing withstand the current inflationary pressures and cost of living challenges.”