Charles Tyrwhitt profits soar amid return to the office

Charles Tyrwhitt sales surpassed £300m for the first time last year as more consumers seek out casual workwear for the office.

The fashion retailer reported a 34% increase in its pre-tax profit from £18.8m to £25.2m in the 53 weeks to 3 August, new filings on Companies House show.

Sales jumped 11% to £305.8m, up from £269.2m the year before, boosted by an 18% increase in its international business to £166.8m.

UK sales rose 8% to £138.9m during the period, which it attributed in part to improvements in its ranging and an increased emphasis on casualwear.

In a statement signed off by the board, Charles Tyrwhitt said: “Our global markets have benefitted from a generally helpful economic backdrop through the year as consumer sentiment improved, and as our customers continue to increase time in the office.

“However, we remain vigilant to the economic circumstances unique to each market and the macro-economic trends within them.

“We remain confident that our expertise in direct marketing, coupled with our service-led ethos, will continue to enable growth in all our global markets.”

It added: “We are mindful that inflationary pressures and global political uncertainty continue to impact our customers behaviour.

“We respond to this through our ongoing strong value proposition – ensuring our customers can access great quality product at reasonable prices.”

Click here to sign up to Retail Gazette‘s free daily email newsletter