Turnover at Crew Clothing rose by 2% to £59.3m in the 52 weeks to October 2017, which the lifestyle retailer said was due to “continuing investment” and efforts to “rebalance its store portfolio”.
EBITDA increased by 13% to £2.7m and gross margin grew by 4% to £34.1m in the period.
The retailer said it has continued to invest “very selectively” in its store portfolio after being sold by private equity firm Livingbridge to a US-based silent investor at the end of 2017. So far this financial year the business has opened and relocated three stores in towns with a history of profitable trading for the brand.
Since December like-for-like sales have increased 5%, while online sales are up 12% compared to the same period in 2017.
CEO David Butler said: “Crew Clothing, as a well-established UK premium brand, has performed strongly across all channels this fiscal year to date post its acquisition in December 2017. We are approaching the key peak period with confidence that our strategy is well positioned to deliver despite the current challenges for UK retailers.
”As a brand with strong heritage and a loyal, clearly defined customer base we are relentless in maintaining and developing our product collection to further build that loyalty. We believe this will strongly support and protect our revenues and channel development given the profile of our core consumer, which is less impacted by the well-publicised challenges facing UK disposable incomes.”
Crew Clothing, which was founded in the back of a windsurfing shop in Salcombe in the early 1990s by Alistair Parker-Swift, operates 79 stores around the country as well as wholesale accounts and a website.