Hawes & Curtis suffers profit plunge in ‘difficult’ market

By

Barbara Santamaria

Published
Oct 10, 2016

British clothier Hawes & Curtis is struggling to remain profitable facing “difficult trading conditions” in both the UK retail sector and its wholesale markets.

The menswear brand made a loss after tax of £634,000 in the year to 31 December 2015, as it faced “intense competition” from rival brands, which offer the same prices and alternative product ranges. In 2014 Hawes & Curtis posted a £670,000 profit.

Gross profit margin decreased by 1% in the period.

Like-for-like sales were down 3%, versus a 3% fall in the previous year.

Hawes & Curtis continued its store opening programme by launching new shops in strategic located in the UK. These plans are expected to be accelerated during 2016 with a special focus in overseas markets such as the US, where the company plans to enter through online and other channels.

Profitability is expected to improve in 2016 as the group will continue to invest in its online business to capitalise on the opportunities available within both domestic and overseas markets.

Most Hawes & Curtis stores are located in England. The retailer also operates standalone stores in Edinburgh, Scotland and Cologne, Germany.