Crew Clothing revenue fell 13% last year due to lockdowns
British lifestyle brand Crew Clothing reported a 13% drop in revenue for the year through December 27, 2020 as the pandemic wreaked havoc on the business.
The company’s turnover was 59.26 million pounds, compared to 67.88 million pounds last year.
Crew Clothing said its e-commerce business has been performing “strongly”, but was not enough to make up for lost sales through its retail and wholesale businesses which were significantly affected by the multiple bottlenecks in the market. United Kingdom during the year.
Like other rand during the closures, Crew Clothing said it was focusing on its e-commerce business with continued investment in digital marketing “to ensure a smooth customer journey even when stores are closed.”
Profits plummet at Crew Clothing
Adjusted EBITDA during the period fell 8.9% to 8.88 million pounds, while its after-tax profit fell 38.5% to 5.41 million pounds. He said the significant loss he suffered from store closings was slightly offset by government support during the pandemic.
Looking ahead, the company has said it remains “cautious” about its business outlook, but believes the company is still “capable of further expansion despite widespread difficulties in the UK retail industry. “.
He said he maintains “a disciplined approach to promotions to benefit our margins and working capital and further maintain brand integrity and strength.”
He added that he viewed Brexit as “low risk” because the business, as importing goods from the EU is not important to the business.
He also said that “a big challenge is attracting new customers and retaining existing customers in a very competitive and promotional retail environment.”
Crew Clothing was founded in Salcombe in the early 1990s by Alistair Parker-Swift. The company offers stylish and casual clothing, shoes and accessories for men and women.