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Claire’s cuts costs to offset sales fall

Claire’s, the young fashion accessories chain, has helped offset a drop in sales with an aggressive operational cost-cutting plan, which included staff redundancies and cuts in working hours.

Simon Hope, director of financial planning, reporting and analysis for Claire’s Europe, said: “We cut opening hours in less well-performing stores and adjusted staff levels to fit customer demand. We have also made rent savings on leases that were up for renewal.”

Claire’s reported European sales of US$96.7 million (£58.7m) in the three months to May 2, down 17.9% on the same period last year. However, it narrowed first-quarter operating losses from US$1.5m (£911,318) to US$1.2m (£729,220) over the period.

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