Hawes & Curtis has said it will focus more on casualwear this year to boost sales after rising costs wiped more than £3m from its profits.
The fashion retailer reported its pre-tax profit had plunged 66% to £4.85m in the year to 31 December, down from £7.89m the year before.
Sales nudged up 0.2% to £43.8m, which it attributed to an increase in online sales and demand for its product range.
The menswear retailer expanded its product offering following the pandemic to include casual clothing, such as chinos, casual jumpers and loungewear, as the working from home revolution took hold.
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Hawes & Curtis said: “The group will continue to invest in its online business to capitalise on the opportunities available within both the domestic and overseas markets […] this includes a wider product offering such as casual wear, which includes business casual and a weekend range.”
Looking ahead, the retailer said that while it expects trading conditions to be “difficult due to cost-of-living factors” in the coming year, consumer demand for its products continue “at an increased level for both channels’ stores and online”.
As such, it plans to continue to invest in its online offering and open new stores, alongside expanding its product range.
Hawes & Curtis added it expects the measures to help grow its sales and improve its profitability in the coming year.
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