Charles Tyrwhitt expects business to grow by 20% over the next year
Menswear retailer Charles Tyrwhitt is expecting its business to grow by 20% over the next year as it benefits from an adjustment in its offering to suit post-pandemic work styles.
In its latest accounts, the retailer said turnover in its last financial year ending July 2023 rose to £269.2 million from a prior £185.2 million with 49% derived from the UK and 51% from the rest of the world.
Subscribe to TRBUnderlying EBITDA also saw strong growth, increasing from £16.6 million to £44.1 million
However, reported operating profit fell to £18.6 million from the previous £43.1 million following the impact of one-off costs.
Charles Tyrwhitt said its trading success had been broad-based across its store and digital channels after it benefited from its strong customer service ethos and improvements to its range, including the increased focus on casualwear.
The retailer opened five new stores in the year, although digital continued to account for the majority of turnover. Online sales were boosted by effective digital marketing activity aimed at driving more website traffic and attracting more customers.
