Crew Clothing’s 2022 results, recently disclosed at Companies House, reveal a positive sales trajectory for the smart-casualwear brand. Turnover increased from £82.7 million to £101.3 million, marking a substantial 22% rise. This growth was driven by both existing and new marketplace partners, as well as strong performances in retail and wholesale.

However, adjusted EBITDA dropped from £16 million to £13.5 million compared to the prior year. This decline can be attributed to the exceptional support the company received in 2021 during the pandemic, including government grants.

Profit before tax also decreased, falling from £16.7 million to £11 million, while net profit for the period decreased from £13.6 million to £9 million year-on-year.

Despite these challenges, Crew Clothing maintained a disciplined approach to promotions to protect margins and working capital. The company remains cautious about the trading environment, given the ongoing difficulties in the UK retail sector. However, it believes that its brand appeals to a broader core customer base and sees potential for further expansion.

Crew Clothing is expected to leverage its online operations for growth, with a focus on enhancing its e-commerce business through continued investment in digital marketing. Additionally, the optimization of its store estate is an ongoing effort.

In light of the challenging landscape, Crew Clothing has set a «realistic plan for the 2023 financial year» that anticipates a gradual improvement in trading performance, especially in stores and marketplace partnerships. The company expresses confidence that its loyal customer base, prudent marketing strategy, and rigorous cost control measures will help it navigate inflationary pressures and cost-of-living challenges.

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