Crew Clothing's profits rise after slew of store openings

British retailer Crew Clothing has reported that its profits were up by 13% for the year ending 24 December 2023, thanks to "significant growth across all channels".

The lifestyle brand's EBITDA jumped by 26% to £17.1 million from £13.5 million the year prior. This growth was driven by a strong sales performance with costs increasing at a slower rate.

In terms of channels, e-commerce saw sales up by 18%, brick-and-mortar sales were up by 5% and third-party retail sales were up by an impressive 28%.

Profit for the year after corporation tax was £12.2 million, up from £9.6 million the year prior.

Looking ahead, the company remains "committed to growth across all areas of the business". During the period, it invested in key areas of expansion including developing its online presence and optimising its bricks-and-mortar estate. Going forward, Crew Clothing will continue to invest in these strategies. It also said it was "committed to expanding retail stores into a number of key target locations in the UK".

This follows a slew of new store openings at the Whitefriars shopping centre in Canterbury in May, East Grinstead in West Sussex in February and Eastbourne in December 2023.