UK: TM Lewin FY underlying earnings up 91%
Tailored clothing retailer TM Lewin Group has nearly doubled its full-year underlying earnings, boosted by new store openings and a wider product offering.
The company, which sells men's and women's tailoring and accessories, said underlying earnings before interest, taxes, depreciation and amortization (EBITDA) rose 91% to GBP9.1m (US$18.5m) from GBP4.8m in the same period a year earlier.
Sales in the year ended 28 February rose 42% to GBP55.6m from GBP39.3m.
The company, which completed a GBP50m management buy-out in May 2006, opened 15 new stores during the year, taking its total portfolio to 46, and launched a more formal women's wear range.
Home shopping (mail order and online) sales increased by 44%.
Geoff Quinn, chief executive, described 2006 as a year of "considerable change and growth".
He added: "We plan to create an even stronger platform for growth in 2007 with investment in our people, skills and systems. We are confident that the company can build on its specialist leadership position and expand into further growth areas."
The company said the current financial year has started well with total sales for the first quarter up 17% compared to the same period last year.
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