Charles Tyrwhitt reports robust growth amid global uncertainty
British menswear specialist Charles Tyrwhitt has delivered a strong performance for the 53 weeks ending 3 August 2024, with turnover rising to £305.8 million, up from £269.2 million the previous year.
In its report filed with Companies House, the London-based retailer noted that 55% of its revenue came from international markets, notably the USA, Germany and Australia. The UK remained a critical market, generating 45% of turnover. According to Charles Tyrwhitt, the uplift in global sales reflects improving consumer sentiment and a return to more formal dress codes as office attendance rises post-pandemic.
Operating profit climbed to £24.7 million, up from £18.6 million the year prior, while underlying EBITDA improved significantly to £36.7 million.
During the period, Charles Tyrwhitt opened two new UK stores, expanding its estate to 32 stores. The company reaffirmed its confidence in brick-and-mortar retail, citing a "strong customer service ethos" and an increasingly casual product range that resonates with modern consumers.
Digital remained the dominant sales channel, with targeted marketing campaigns and ongoing website enhancements driving both traffic and sales.
Looking ahead to fiscal 2025, despite headwinds, the company's management remains confident that the current strong trading performance should carry forward as it continues to add to its store portfolio. The report stated, "We remain well placed to succeed over the medium term".
This comes just three months after the founder of Charles Tyrwhitt said that Labour's "anti-business" policies are to blame for his decision to cut his investment in the UK.
Nick Wheeler, who founded the premium men's clothing and formalwear retailer 38 years ago, told The Telegraph that policies such as the National Insurance changes and minimum wage increases have pushed him to focus on overseas expansion.
Wheeler criticised Chancellor Rachel Reeves' claim that the party is friendly to business, and Labour's overall economic stance.
