British heritage fashion brand, Cotton Traders delivered a turnover of 109.4 million pounds, down slightly by 1.7 percent, an operating profit of 9.8 million pounds, down 9.9 percent and EBITDA of 11.57 million pounds, down 7.9 percent for the financial year 2023 in the face of inflation and the cost-of-living crisis.
Commenting on the company’s annual trading, Cotton Traders CEO Nick Hamblin said: “The cost-of-living crisis has resulted in low consumer confidence and macroeconomic turmoil and we are so proud our customers remain loyal to the Cotton Traders brand despite the wider economic challenges. Continued customer retention, combined with an 11 percent increase in app sales and a growth in online penetration year on year are all testament to the success of our wider growth strategy.”
In a statement, the company said that Cotton Traders credits its consistent performance to a combination of heavily invested, digital-orientated marketing activity, a 0.9 percent growth in active customer retention and investment into the brand’s physical stores.
2023 saw Cotton Traders extend its partnership with TV star Will Mellor, and the introduction of two new female celebrity partnerships: Broadcaster Alex Jones, and ‘A Place in the Sun’ Presenter, Jasmine Harman.
The company added that online penetration grew 2.6 percent with website sales up 6.2 percent and app-based sales up 11.1 percent versus 2022.
The menswear category saw sales of shirts increase 20 percent and knitwear up 11 percent. The womenswear category increased 10 percent driven by 7 percent increase in purchases in women’s trousers, 13 percent rise in woven tops, and significant range extensions in Cotton Traders’ underwear and loungewear ranges.
During the year under review, Cotton Traders witnessed 21.5 percent of its sales directly coming from stores, up 0.6 percent year-on-year and orders in-store growing by 11.4 percent. As part of the brand’s investment strategy, ten new stores opened, two stores relocated to increase space, and nine stores were refitted – resulting in 81 stores at the end of the year.
“We’re looking forward to the next year which will see us implement our marketplace growth strategy, something we’ve already experienced success with through our full year of trading on Debenhams.com and soft launching on Freemans.com late last year,” added Hamblin.
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