Austin Reed pulled down by Country Casuals
In Austin Reed in the 15 weeks ended 14 January 2006, like for like sales in the main chain, excluding the Regent Street flagship store, increased by 2.7% (1% up at 1 October 2005).
Total sales in this period, including Regent Street were up 6.3 per cent (1 per cent down at 1 October 2005). Sales in Regent Street increased by 3.0 per cent (10% down at 1 October). Performance had improved in men’s formal and casualwear, accessories and womenswear and the strategy of focussing on full price sales had delivered a further improvement in margins. In Country Casuals, in the same 15 week period, like for like sales were down 10.5% (15% down at 1 October) and total sales were down 17.8% (20% down at 1 October). Despite this sales performance, margins are ahead of last year. In the company’s Interim Statement they reported that the Autumn product range required further development and that they were strengthening the design and buying teams. The full effect of these changes are not expected to be seen until later in 2006.
