UK: Austin Reed's Same-Store Sales Drop 3%
Upscale clothing retailer Austin Reed Group Plc has reported a 3 per cent fall in same-store turnover for the 18 weeks ended 4 June.
For the 10 weeks ended 9 April, same-store turnover dropped 6 per cent.
The company said in a statement: "We remain confident that the changes implemented during 2004 and those planned for 2005 will improve financial performance.
"We recognise, however that the difficult trading environment is likely to continue in the remainder of 2005".
Austin Reed brand sales grew 3 per cent in the 18-week period, with a 1 per cent same-store sales rise. Sales of casual wear and ladies' wear were reported to have performed well.
Country Casuals sales fell 10 per cent in the period, with a 6 per cent decrease in same-store sales.
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