White Company and Charles Tyrwhitt owner profits fall on one-offs, but sales soar
White Company and Charles Tyrwhitt owner Bectin may have seen its profits falling in the year to March 25 2017, but the company saw it as a successful year as the firm’s sales rose and the profits drop was attributed to a one-off issue.
It said gross profit in the year fell to £14.9 million from £15.9 million and the gross profit margin fell to 54% from 56% after the men’s shirt maker axed a “major software project” during the year that added to costs.
Bectin took control of The White Company in June 2015 and Charles Tyrwhitt two months later. The parent company is controlled by White Company founder Chrissie Rucker and her husband, Charles Tyrwhitt founder Nick Wheeler.
And the companies are certainly not struggling on the turnover front. During the year, White Company turnover rose to £198.4 million from £184.3 million with all areas of the business trading strongly, Operating profit rose 1.8% to £17.6 million.
Charles Tyrwhitt turnover rose to £194.4 million from £114.7 million. Although the earlier comparable period was nearly four months shorter, that still represents a major step forward for the brand’s sales. It didn’t specify a profit figure.
Both brands saw sales rising at home and abroad with international growth outstripping that in the UK. And that global expansion is key as Wheeler and Rucker said that the “uncertainty” around the outlook for the UK post-Brexit means a presence in overseas markets its crucial and has given it a “strong position to continue its growth”.
The company also said that the two brands will focus on improving product quality and choice, boosting service and opening more stores.
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