Lewin puts in a smart full-year performance

ShirtmakING firm TM Lewin yesterday revealed it had weathered the economic downturn as full-year profits rose 7 per cent and sales growth accelerated over the spring.

The company, which was founded in 1898 and now has 79 stores in the UK, reported operating profits of 9 million in the year to 28 February, while sales also rose 7 per cent, to 83.4m.

Lewin said the performance would have been better without the snow disruption in the early part of 2010 and added that sales in the first three months of the new financial year were up by 27 per cent on a year earlier. The roll-out of new products helped drive the sales growth, with tailoring now representing 19 per cent of menswear sales and the newly launched "Buckingham" single cuff shirt also proving popular.

As a result of promotional activity needed to drive sales in the challenging environment, Lewin said its full-year gross margin fell back slightly after ten years of steady growth.

The firm - which has stores in Aberdeen, Edinburgh and Glasgow - has been able to reduce the level of discounting in recent months and said it had regained margin since the year-end.