Charles Tyrwhitt’s sales success sees The White Company owner pass £500m
The group behind The White Company has seen its turnover surge past £500m thanks to the success of menswear brand Charles Tyrwhitt, it has been revealed.
Newly-filed accounts with Companies House for Bectin Limited show its turnover jumped from £463.6m to £558.5m in the year to July 29, 2023.
Over the same period, the firm’s pre-tax profits fell from £63.6m to £48.9m.
The White Company was founded by Chrissie Rucker in 1994. Her husband, Nicholas Wheeler, established menswear chain Charles Tyrwhitt in 1986.
No dividends were paid during the year after Rucker and Wheeler raked in more than £50m during the prior 12 months.
The White Company
The White Company’s turnover increased from £278.5m to £289.3m in the year while its operating profit fell from £33m to £31.9m.
The business said the rise in sales was driven by its clothes while its home category maintained its turnover level compared to the prior year.
The brand ended the year with 53 stores and 11 concessions in the UK and two stores in Ireland.
A statement signed off by the board said: “The overall financial period was inevitably influenced by the backdrop of a set of economic circumstances not experienced for many years.
“High price inflation, impacting the costs and reduced FX rates all had an impact on the business.
“Likewise, rising interest rates and the knock-on impact to mortgage rates put further pressure on consumer spending.
“The start of the 2023 financial period coincided with the worst of the economic conditions and was further impacted by the August 2022 heatwave.
“As a result, first quarter trading was very challenging but then a good Christmas followed by further improvements in the second half led to a positive result for the full period.”
Charles Tyrwhitt
Charles Tyrwhitt’s turnover surged from £185.2m to £269.2m in the year but its operating profit was slashed from £43.1m to £18.6m.
During the year the company opened five new stores in the UK.
A statement signed off by the board said: “The trading success has been board based and consistent across retail and digital sales channels. Retail stores continued their recover, post-Covid restrictions.
“Their performance is driven by strong customer service ethos and improvements to product ranging such as an increased emphasis on casual wear.”
Last month, City PM reported that Charles Tyrwhitt expects the business to grow by 20 per cent over the next year as demand for more casual work attire, such as quarter-zips and gilets, booms.