Crew Clothing weathers ‘volatile’ retail landscape to rake in record profit
Crew Clothing has stood strong amid a “challenging and volatile” time for retail to achieve a record profit, according to newly-filed documents.
The company, which was founded in 1996, saw its pre-tax profit grow to £15.5m in 2023, up from its 2022 figure of £11m.
This increase was driven by strong sales growth for Crew, with turnover increasing to £117m in 2023, up from £101m in the year before.
This was driven by an 18 per cent rise in e-commerce sales, a five per cent increase in brick-and-mortar sales and 28 per cent rise in third-party retail sales.
Going forward, the company said it was “committed to expanding retail stores into a number of key target locations in the UK”.
Crew also said plans were in place to expand its product ranges, widening its breadth of goods available across menswear, womenswear and childrenswear and key gifting categories including sleepwear and accessories.
In a statement on Companies House the retailer said: “Crew clothing is a well-established brand, with a loyal customer base which continues to expand.
“[However] the retail landscape remains a challenging and volatile space for all.
“Although Crew’s customers have shown great resilience in the past, the business remains cognisant of potential slowdown in consumer spending as a result of a rise in the cost of living and economic pressures.
“The business will remain dynamic and agile by continuously monitoring the market, and the company’s performance against this backdrop.
“The business will also remain tight in cost controls to ensure that overall profitability is maximised as efficiently as possible.
“The company is committed to expanding retail stores into a number of key target markets within the UK.
“Opportunities are actively sought out to identify locations which fit into one of the specific customer demographics of the Crew Clothing customer.”