Premium retailer Jaeger has posted a £1.4m fall in pre-tax profits for the year to February 28, 2011.
The retailer, owned by British Fashion Council chair Harold Tillman, revealed pre-tax profit plummeted to £772,000 from £2.22m the previous year.
Sales during the period were up 10% to £93.89m but the retailer said the profit dip was, in part, down to the need to take provisions for its five loss-making stores.
Jaeger is also hoping to sign a licensing deal to open stores in China, after ending a Japanese licensing deal that had restricted Asian growth, according to The Mail on Sunday.
The retailer, which has 50 stand-alone stores and 70 concessions in the UK, is said to planning a concession in Harvey Nichols in Hong Kong as well as stores in Kuala Lumpur, the Malaysian capital.
Jaeger is also thought to be exploring the possibility opening shops in New York for the first time, according to The Telegraph. It currently wholesales in the US in department stores including Nordstrom.
The retailer opened six stores in the UK in 2011 and now sells online to 39 countries.
Elsewhere, Jaeger has said it will not show at London Fashion Week this season due to a “change in strategy”.