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.
