Suits and shirts specialist Charles Tyrwhitt has reported a rise in profits and sales as it hails current brand positioning and a boost from the return to the office despite ongoing headwinds.
For the 53 weeks to August 3, 2024, Charles Tyrwhitt reported underlying EBITDA of £36.7m, up from £24.6m in 2023.
Charles Tyrwhitt also reported turnover of £305.8m, up from £269.2m last year.
The menswear retailer said 45% of its sales for the year were taken in the UK, a slight dip from 47% in 2023, with 55% coming from the rest of its markets.
Charles Tyrwhitt said its global markets business benefited from a “helpful economic backdrop” as consumer sentiment improved outside of the UK.
The retailer added that it saw a surge in demand for its attire thanks to the growing trend of returning to the office.
Charles Tyrwhitt said in a filing to Companies House that despite its revenue growth, it remains “vigilant” to the changing economic circumstances in individual markets.
Charles Tyrwhitt opened two new stores during the year and said it is continuing to seek out new opportunities for its retail estate despite “continued challenges around levels of footfall”.
The retailer said in a statement: “We are mindful that inflationary pressures and global political uncertainty continue to impact our customers’ behaviour. We respond to this through our ongoing strong value proposition—ensuring our customers can access great quality products at reasonable prices.”
Looking ahead, Charles Tyrwhitt said it remains confident in its current “strong” trading and its brand positioning in the market. The retailer said it is on track to “succeed over the medium term”.
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