High street fashion chain River Island, owned by The Lewis Trust Group, reportedly saw profits slip during 2007 as it was forced to slash prices.

The company posted profits of GBP152.8m, down from GBP157m, reported The Sunday Telegraph. Its sales increased from GBP670m to GBP727m though, the newspaper added.

Spokespeople for River Island were not able to comment further on the reports when contacted by just-style today (14 July).