Charles Tyrwhitt FY turnover rises 13.6% to £305.8m

Charles Tyrwhitt has reported that its turnover increased by 13.6% to £305.8m in the year to 3 August 2024, of which 45% was derived in the UK and 55% in the USA, Germany and Australia. 

The retailer of men’s apparel and accessories attributed its performance to “a generally helpful economic backdrop” through the year as consumer sentiment improved and its customer base returned to the office. 

During the period, Charles Tyrwhitt increased emphasis on casualwear and opened two new stores in the UK. 

That said, the retailer’s digital channel continued to contribute the majority of its turnover, due to increased digital marketing activity that aimed to drive more website traffic and attract new customers.  

While Charles Tyrwhitt acknowledged the “volatile” global freight rates, the group said it continues to work on mitigating these risks through constant review of its supply chains. 

The group’s operating profit increased by 32.8% to £24.7m, and underlying EBITDA improved by 49.2% to £36.7m for the period. This was attributed to running a “lean and efficient” business.

Charles Tyrwhitt ended the period with a 16.6% rise in net assets to £58.3m compared with the prior year, though the group’s cash reserves decreased by 30% to £19.5m.  

However, the company did not draw down on any debt facilities during the period.

Looking ahead, Charles Tyrwhitt’s management team believes it remains “well placed to succeed over the medium term” despite headwinds.