In the face of inflation and the cost-of-living crisis, British heritage fashion brand Cotton Traders produced a financial year 2023 turnover of £ 109.4 million, down slightly by 1.7 per cent; an operating profit of £ 9.8 million, down 9.9 per cent; and an EBITDA of £ 11.57 million, down 7.9 per cent.
Commenting on the company’s annual trading, Cotton Traders CEO Nick Hamblin said, “Continued customer retention, combined with an 11 per cent increase in app sales and a growth in online penetration year on year are all testament to the success of our wider growth strategy.”
The business released a statement attributing Cotton Traders’ steady performance to a number of factors, including significant investments in digital marketing, a 0.9 per cent increase in active client retention, and physical shop investments.
As for online penetration, the corporation reported that it increased by 2.6 per cent over 2022, with website sales rising by 6.2 per cent and app-based sales by 11.1 per cent.
Sales of knitwear increased by 11 per cent and shirts by 20 per cent in the menswear category. The womenswear category saw a 10 per cent growth, driven by large range extensions in Cotton Traders’ loungewear and knickers lines, a 13 per cent increase in woven top purchases and a 7 per cent increase in women’s pants purchases.
Cotton Traders saw an increase in in-store orders of 11.4 per cent and a direct sales contribution of 21.5 per cent from stores during the reviewed year, representing a 0.6 per cent increase from the previous year. Ten new stores debuted as part of the brand’s investment strategy, two stores moved to make more room, and nine stores had renovations; by the end of the year, there were 81 locations.
