Crew Clothing’s sales and profits have surged despite fashion retail battles as it eyes further UK expansion

The fashion retailer has reported a 26% increase in adjusted EBITDA to £17.1m for the 52 weeks to December 24, 2023, up from £13.5m in the previous year.

Turnover was also up from £101.3m to £114.9m with “significant growth” across all channels despite a “tough retail environment” as the cost-of-living crisis continued to take its toll during the year.

Crew said it has seen resilience across its customer base and ecommerce sales in 2023 were up 18%, while store sales increased by 5% and third-party and wholesale sales were also up by a respectable 28%.

The retailer said it has prioritised investment in some key areas during the year, including its online business, its store estate and infrastructure, and customer insight systems.

Looking ahead, Crew plans to continue broadening its product offering across womenswear, menswear, childrenswear and gifting, as well as continuing its commitment to the high street.

It said it is eyeing opportunities in key UK markets and actively seeking out opportunities in locations that “fit into one of the specific customer demographics of the Crew Clothing customer”.

In its latest filing to Companies House, Crew Clothing said: “Crew is a well-established brand, with a loyal customer base, which continues to expand.

“The retail landscape remains a challenging and voltatile space for all. 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. Decision making will remain fast-reacting and well thought out.”