Austin Reed fashions profit recovery

25-09-2006

Formal and casual clothing firm Austin Reed has announced it has moved back into profit, partly on the back of the sale of one of its main business sites.

The company's profits stand at £2.3 million for the 28 weeks ending August 12th 2006, compared to a loss of £1.1 million 12 months previously.

Excluding the sale of the Thirsk centre, however, the group's earnings were £0.5 million.

Nick Hollingworth, Austin Reed's chief executive, explained that the purging of the group's £10.7 million net debt was indicative of the "good progress" the company had made as it continues its recovery.

"By improving our products, stores and service we have broadened our appeal to customers and increased our sales and margins. Good cash management and the sale and leaseback of our Thirsk site have eliminated debt. We have also seen an encouraging start to the second half and remain confident in our recovery strategy," he said.

Mr Hollingworth said that both the Austin Reed and Country Casual brands have experienced "strong performance" during the period, with
sales up seven per cent to £30.5 million.

Takings in Austin Reed's flagship Regent Street store were revealed to have risen 13.3 per cent, largely driven by tailored men's suits and women's wear.


Bookmark with:
Bookmark with: Digg Digg Bookmark with: Del.icio.us Delicious Bookmark with: Reddit Reddit Bookmark with: StumbleUpon StumbleUpon Bookmark with: Google Google Bookmark with: Technorati Technorati Bookmark with: Netvouz Netvouz

Latest News:

Search News
News Front Page
Accountancy / Tax
Advertising / PR
Armed Forces
Automotive
Aviation / Aerospace
Banking / Finance
Charities / Voluntary
Childcare / Youth
Construction / Property
Customer Services
Education / Training / Teaching
Emergency Services
Engineering / Electronics
Entertainment / TV / Theatre
Graduate Roles
Health / Beauty
Hotel / Catering / Restaurants
HR / Recruitment
Insurance / Pensions
International / Overseas
IT / Internet
Legal
Management / Business
Manufacturing / Industry
Media / New Media / Creative
Medical / Healthcare
Pharmaceutical Industry
Public Sector
Retail / Wholesale
Sales / Purchasing / Marketing
Science / Technology
Secretarial / PA / Admin
Skilled / Semi-skilled Manual
Telecommunications
Transport / Logistics
Travel / Tourism / Leisure