GENERAL MERCHANDISE NEWS
Austin Reed forecasts profits dip
15 January, 2003 | by Retail Bulletin
Slow Christmas sales for fashion retailer
January 15 2003
Upmarket clothing retailer Austin Reed saw like-for-like sales fall by 2.3 per cent in the five weeks ended January 11.
Sales for the 22 weeks ended January 11 were 2.5 per cent down on last year, with like-for-like sales showing a 3.5 per cent decline.
The retailer has been hit by the redevelopment of the Regent Street flagship store, which is on schedule, and sales were flat for the 22 weeks when the revamp is factored in.
Austin Reed said stock levels remain under control and margins are in line with expectations, but the slow sales over the key Christmas period, mean it now expects profits for the year ending on January 25 to be “moderately below expectations.”
