Charles Tyrwhitt founder says sales “literally fell off a cliff” last year

Charles Tyrwhitt founder says sales
In an interview with The Times, Charles Tyrwhitt founder Nick Wheeler expressed hope that the sales would make a come back later this year.
// Charles Tyrwhitt sales “fell off a cliff” last year amid lockdown & working from home restrictions
// It also axed around 250 jobs – out of a total of 1000 staff – and permanently shut down 4 shops
// Charles Tyrwhitt also made a loss for the year to July, compared to profits of £11m the year prior

Charles Tyrwhitt founder Nick Wheeler has said sales at the menswear retailer “literally fell off a cliff” last year amid lockdown and working from home restrictions.

However, in an interview with The Times, he expressed hope that the sales would make a come back later this year when delayed events such as weddings can go ahead again.

Charles Tyrwhitt reportedly axed around 250 jobs – out of a total of 1000 staff – and permanently shut down four shops last year.


READ MORE: Profits fall for The White Company & Charles Tyrwhitt owner


The retailer’s remaining 38 stores have managed to survive lockdowns and other restrictions by way of rent holidays, rent cuts, and furloughed staff.

Wheeler also told The Times that he also took a bank loan for Charles Tyrwhitt, and that the retailer made a loss for the year to July.

While an exact figure was not revealed, it compares to the underlying profits of £11 million recorded the year prior, which was achieved on the back of turnover of £189 million.

He attributed the loss in the most recent financial year to consumers reining in their spending, coupled with lockdown, cancelled social events and people being forced to work from home rather than go to the office.

However, Wheeler said that if the vaccine were to be rolled out quickly and Covid restrictions were to be lifted before the summer, it could mean Charles Tyrwhitt breaking even this year.

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2 COMMENTS

  1. Regarding Charles tyrwhitt loss of sales l have been a customer for over 10 years and have noticed a drop in quality since they are getting all their shirts made in china now are not what they used to be in my opinion

  2. I was also a customer of Charles Tyrwhitt but found there shirts were much the same each season. I went to Hawes and Curtis who have a range of superb floral shirts that change regularly.

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