UK: Expansion fuels TM Lewin FY earnings growth
- Full-year EBITDA up 16% to GBP12.7m
- Sales rise 23% to GBP78m
- Earnings growth continues in fiscal 2010
Apparel retailer TM Lewin defied the downturn to post a strong set of full-year figures, with EBITDA up 16% to GBP12.7m (US$21.1m).
Sales for the year to 28 February 2009 were up 23% to GBP78m, as the company pointed to continued robust margins and a strong net cash position.
TM Lewin said it had continued its international expansion, with five new stores in Singapore, as well as the expansion of its men's wear offer and the development of its women's wear range.
Updating for the first half of fiscal 2010, the company said sales had risen 11% and EBITDA was up 15%, and pointed out that its second half was traditionally its strongest trading period.
"We continue to benefit from major investment in the business," said Geoff Quinn, TM Lewin chief executive. "The timing of that investment, combined with the concurrent efficiency programmes, could not have been more significant.
"Alongside the successful roll-out of an international presence, particularly in the Far East, we have also taken great strides in the development of our women's wear collection and this, combined with our drive to profitably grow domestic market share, provides the company with a very strong platform for further growth."
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