Austin Reed sees profits soar

Repert Penry-Jones is the new face of Austin reed

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Austin reed saw EBITDA increase by 31% to £8.8 million for the 12 months ended January 31, thanks to improved gross margins and better product ranges.

UK sales rose to £110m against £108m the previous year, equating to a like for like rise of 0.8% for the 12 month period.

Online sales increased six fold to £1.3m.

Retail sales have risen 4.3% in the 13 weeks since the year end.

The company plans to open at least 30 new stores and concessions this year and two new Austin Reed concept stores will open this summer. The retailer has also signed a franchise deal which will deliver 10 new stores in the Middle East over the next three years.

Austin Reed chairman Guy Naggar said: "Looking forward, we have undoubtedly entered a more challenging market environment, however, we believe our investment in our brands, people and stores leaves us well placed to deliver further improvements in performance. The first 13 weeks of the financial year have started positively and we are continuing our store roll out programme with a further 30 stores expected to open this year."

Austin Reed has also signed Rupert Penry-Jones, star of TV series Spooks, as the face of the brand. Jane Seymour is the face of its CC womenswear chain.

Click the attached document to see the full results statement.