Austin Reed confident as core sales grow
Margins improved at Country Casuals
Austin Reed has raised its forecasts for the full year despite a continued sales decline in its Country Casuals business, as measures to reposition the womenwear brand improve.
In the 22 weeks to January 15, group retail sales increased by 0.3 per cent, with like-for-like sales up 0.2 per cent.
The core Austin Reed brand saw sales up 8.9 per cent and 9.7 per cent like-for-like, while Country Casuals sales decreased by 5.6 per cent in total and 5.9 per cent like-for-like basis.
The group said Country Casuals margins increased by 6 per cent, reflecting its strategy to reposition the brand and reduce promotional activity. A later start to the winter increased margins and “more than offset the effect of the reduced level of sales”.
Austin Reed said: “As a result of the improved performance from both brands, the Board now expects the group to exceed market forecasts for the year as a whole.”
