Charles Tyrwhitt posts strong sales growth in 2023

Turnover at British shirt maker Charles Tyrwhitt for the year to July 29, 2023 increased 45 percent to 269.2 million pounds, of which 49 percent was contributed by the UK market and 51 percent by the rest of the world.

Founders Nicholas Wheeler and his wife, Chrissie Rucker earned over 21 million pounds last year as the company benefitted from growing demand for suits and shirts.

The company owned by Bectin Ltd said in accounts filed with the Companies House, its sales crossed the pre-pandemic figure of 200 million pounds and underlying EBITDA increased to 44.1 million pounds.

However, the company, active online in countries including the UK, US, Germany and Australia, saw operating profit decline from 43.1 million pounds to 18.6 million pounds due to certain one-off costs. Pre-tax profit for the year was down to 18.7 million pounds and net profit dropped to 15.1 million pounds.

During the year under review, Charles Tyrwhitt opened five stores across the UK.

Charles Tyrwhitt declared an interim dividend of 21.2 million pounds or 70 pence per share, of which 11.7 million pounds was paid in the year and 9.5 million pounds was offset against the amounts owed by the group undertakings.