The White Company is strong as clothing sales rise

Charles Tyrwhitt’s results last month showed the menswear brand doing well, and now we know that sister brand The White Company has been getting stronger too as the parent company of both has filed its annual accounts at Companies House.

Bectin Ltd — which is owned by Tyrwhitt and White Company husband-and-wife founders Nicholas Wheeler and Chrissie Rucker — saw its turnover in the year to last July rising a hefty 20% to reach £558.6 million. And its international sales took on an increased importance as they rose to 29% of the total from 23% in the previous year, the rest of its sales coming from the UK. 

That said, operating profit fell 24% from £62.7 million to £47.5 million and pre-tax profits fell from £63.6 million to £48.9 million.

The White Company’s turnover increased 4% year on year to reach £289.3 million, the growth being driven by its clothing categories that saw a 13% increase. Home categories that had seen big growth during the pandemic saw flat sales in the year.

The company said that UK store sales were very strong throughout the period with 15% growth overall as customers continue to return to the high street.

However it was partly at the expense of its online channel, which fell 5%, although it’s still a bigger part of the overall mix than it was before the pandemic. 

Outside of the UK, sales rose 5%.

While White Company costs increased during the year, underlying profit rose 4% to £33.5 million and overall operating profit for it fell only 3% to £31.9 million, with those additional one-off costs taken into account.

As mentioned, we already know about the Charles Tyrwhitt figures as Wheeler revealed those last month. But in brief, the company performed strongly as it focused on adding more casualwear into its formal mix. 

Turnover rose from £185.2 million to £269.2 million. Underlying EBITDA jumped from £16.6 million to £44.1 million, but reported operating profit fell from £43.1 million to £18.6 million, again, as certain one-off costs hit the figures.