Crew Clothing has reported a record profit amidst a "challenging and volatile" retail environment, according to the latest financial documents filed.
The brand, established in 1996, witnessed its pre-tax profits soar to £15.5m in 2023, a significant increase from £11m in 2022.
This impressive growth was fuelled by robust sales performance, with Crew's turnover climbing to £117m in 2023, up from £101m the previous year.
Key to this success was an 18% surge in e-commerce sales, complemented by a 5% rise in physical store sales and a notable 28% increase in third-party retail sales.
Looking ahead, Crew Clothing is dedicated to expanding its retail presence, targeting key locations across the º£½ÇÊÓƵ for new stores, as reported by .
Additionally, the company is set to broaden its product offerings, enhancing its range across menswear, womenswear, childrenswear, and key gifting categories such as sleepwear and accessories.
In a Companies House statement, the retailer acknowledged: "Crew clothing is a well-established brand, with a loyal customer base which continues to expand."
Yet it also recognised the difficulties facing the sector: "[However] the retail landscape remains a challenging and volatile space for all."
Acknowledging the potential impact of economic conditions on consumer spending, the statement added: "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 º£½ÇÊÓƵ."
"Opportunities are actively sought out to identify locations which fit into one of the specific customer demographics of the Crew Clothing customer."
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