Men’s and womenswear retailer TM Lewin reported it has defied the downturn to deliver record profits and that the new financial year has started strongly.
The retailer, originally founded on Jermyn Street in 1898 and now expanding internationally, posted a 16% rise in EBITDA to £12.7m on revenues 23% ahead to £78m in the year to February 28.
Over the period TM Lewin has invested in systems, stores and product development which it said was reflected in the results. Since the year-end, total sales have risen by 11% and EBITDA by 15% against the comparable period last year.
In the second half the retailer intends to open at least four more stores in the UK and Ireland, where it has 70 shops and seven concessions at present.
It will also exploit its multichannel business, which increased sales by 19% to £11.8m last year, to accelerate overseas growth, which is a key objective.
TM Lewin already has five shops in Singapore and will open “several” more overseas in the New Year with franchisees.
TM Lewin chief executive Geoff Quinn said: “Alongside the successful roll-out of an international presence, we have taken great strides in the development of our womenswear collection and this, combined with our drive to profitably grow domestic share, provides the company with a very strong platform for further growth.
“We have a very strong balance sheet, a proven business model and strong operational disciplines. We are confident that we will deliver results for the year as a whole ahead of the prior period.”