Crew Clothing’s 2022 financial report reveals a substantial surge in sales, soaring from £ 82.7 million to £ 101.3 million, marking a significant 22 per cent increase.
According to the British clothing retailer, this surge is a result of substantial growth from both existing and new marketplace partners. Moreover, its retail and wholesale also witnessed positive growth.
However, a closer look reveals a decline in adjusted EBITDA, dropping to £ 13.5 million from £ 16 million during the corresponding 12-month period. This was due to the exceptional support it received in 2021 during the pandemic, thanks to several government grants that were available at that time.
Profit before tax also took a hit, decreasing to £ 11 million from £ 16.7 million, and net profit for the period fell to £ 9 million from £ 13.6 million a year earlier.
To tackle economic uncertainties, Crew Clothing has outlined a “realistic plan for the 2023 financial year that shows a gradual uplift in our trading performance, particularly in our stores and marketplace partners.”
Expressing confidence, the company stated it “We are confident that a 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.”
