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Crew Clothing posts drop in sales and profit

Crew Clothing saw its turnover decline by 13% to £59.26 million following the impact of the coronavirus pandemic. In the year to 27 December, adjusted EBITDA… View Article

FASHION

Crew Clothing posts drop in sales and profit

Crew Clothing saw its turnover decline by 13% to £59.26 million following the impact of the coronavirus pandemic.

In the year to 27 December, adjusted EBITDA fell by 8.9% to £8.88 million while pre-tax profit decreased by 38.5% to £5.41 million.

While online sales performed well, this was not enough to make up for lost sales from enforced retail store closures during Covid-19 lockdowns. Its wholesale business also suffered during the pandemic.

To boost online trade, Crew Clothing invested in its ecommerce platform and a range of digital marketing activities in the period.

In a statement, the brand said it remains cautious about the outlook and that it faces a significant challenge in attracting and retaining customers due to the current “promotional and competitive retail environment”. Despite this, it said the brand was still capable of further expansion.

 

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