Charles Tyrwhitt: Office return helps sales to new record
Sales at Charles Tyrwhitt have surged to more than £300m for the first time as the trend of returning to the office has boosted the workwear retailer.
The London-headquartered business, which was founded by Nick Wheeler in 1986, has posted a turnover of £305.7m for the 12 months to 3 August, 2024.
The total comes after Charles Tyrwhitt achieved sales of £269.2m in its prior financial year.
Charles Tyrwhitt’s UK sales increased from £127.8m to £138.9m in the year and from £141.3m to £166.8m in the rest of the world, according to new accounts filed with Companies House.
The results also show that the company’s pre-tax profit increased from £18.7m to £25.1m.
During the year the average number of people employed by Charles Tyrwhitt rose from 795 to 868 while it opened two new stores in the UK.
The accounts have been published ahead of those of its parent company, which also owns The White Company.
The White Company was founded by Chrissie Rucker, the wife of Nick Wheeler, in 1994.
Bectin Limited is due to file its accounts by the end of April.
Return to the office boosts Charles Tyrwhitt
A statement signed off by the board said: “Our global markets have benefitted from a generally helpful economic backdrop through the year as consumer sentiment improved, and as our customers continue to increase time in the office.
“However, we remain vigilant to the economic circumstances unique to each market and the macro-economic trends within them.
“We remain confident that our expertise in direct marketing, coupled with our service-led ethos, will continue to enable growth in all our global markets.
“Our retail trading performance is driven by our strong customer service ethos and improvements to our ranging such as an increased emphasis on casual wear.
“Despite continued challenges around levels of footfall, the success [of] our store proposition has meant that we continue to look to add to the retail estate.”
Charles Tyrwhitt added: “We are mindful that inflationary pressures and global political uncertainty continue to impact our customers behaviour.
“We respond to this through our ongoing strong value proposition – ensuring our customers can access great quality product at reasonable prices.”
New stores planned by retailer
On the future of Charles Tyrwhitt, the retailer said: “We continue to remain aware of the risks and uncertainties ahead of us.
“Despite these headwinds, management remain confident that the current strong trading performance should continue, with the aim to add to our store portfolio.
“Our confidence in delivering continued strong performance comes from our powerful brand position and customer service, our compelling online proposition and our adaptable product range.
“As such, we remain well placed to succeed over the medium term.”