Profits jump as Crew shrugs off slump
Crew Clothing, the private equity-backed fashion retailer, has bucked the downturn to grow its profits by more than a quarter.
The chain of 60-plus UK shops was boosted by 11 new stores it opened last year as well as a growing online operation.
Crew Clothing, which also has a wholesale operation, posted a 27 per cent leap in pre-tax profits to £3.24m over the year to 30 October. Turnover rose by 17 per cent to £40.68m last year.
In the report, Crew Clothing said: "The economic climate continues to be challenging, but we have produced another good year of growth despite this."
Alastair Parker-Swift, who remains a director, founded Crew Clothing in 1993 after selling rugby shirts and sailing-themed garments from a windsurfing shop in Salcombe, Devon.
Isis Equity Partners acquired 25 per cent of Crew Clothing, which also sells casual shirts and jeans for men and women, as part of a £7.75m deal in 2006.
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