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Drapers Fashion Summit: TM Lewin on track for record profits

TM Lewin is on track to record a 20% uplift in EBITDA to £13.2 million next year, despite the general slow down in consumer spending.

Speaking at the Drapers Fashion Summit 2008 today, TM Lewin managing director Geoff Quinn said that like-for-likes at the shirting and tailoring business have been in positive territory all year. "It is down to sourcing, product design, great value and quality," he said. "Quality has been our constant throughout, but we've added the twist of price promotion, which is really driving sales."

Quinn said that businesses could capitalise on the economic downturn and gain a competitive advantage by reviewing their cost base.

Quinn said TM Lewin has made operational savings of around £2 million. The company has outsourced its warehouse and distribution from London to Leeds, which has provided costs savings, along with improving stock systems and upgrading online systems.

Quinn said womenswear offered a significant opportunity, along with international sales, and was looking to expand in both areas.

He added: "There will be a recovery, and the actions you take now will affect what your business is like in that recovery. So plan ahead, it could be a great opportunity. Keep developing, so you emerge stronger."

For more from the Drapers Fashion Summit visit the homepage for the event with news from the event as it happens and for indepth coverage read this week's magazine.

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