Upscale ladies' and men's retailer Harold's said it suffered "disappointing" sales in the second quarter, as response to spring and summer lines failed to meet expectations.

Second-quarter sales were US$19.3m compared to $20.3m last year, a drop of 5%. Same-store sales, meanwhile, dropped 9.4%.

Interim CEO Leonard Snyder said: "We have been and remain aggressive in clearing our spring and summer merchandise, some of which we feel wasn't brand appropriate.

"Our fall season apparel, which features the company's classically-inspired traditional looks, will be in all full-price stores during the first week of August."