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Losses shrink at Intimas

Lingerie group Intimas saw its losses fall to £1.65 million from £2.21m for the six months to June 30.

Group sales grew 29% to £8.97m, up from £6.97m the previous year, driven by an increase in Intimas' private label business, the impact of its stores, which opened last year, and incresed stock clearance activity.

Chairman John Gibson said growth in Intimas' branded business has been tough in the current economy climate, but that Lepel continues to gain market share.

"Some of our major customers have continued to move towards their own private label collections and this has made sales growth difficult," he said.

Intimas has completed its strategic review, which Gibson kickstarted in the summer, and concluded that its retail operations will not be expanded but will be focused on supporting stock clearance activity.

In addition, Intimas will focus on building it private label business and seek out opportunities in the export markets for its branded sector.

Gibson added: "Consumer confidence has been affected by the current economic uncertainty and this is impacting our marketplace. However, we remain confident that the improvement in performance compared to 2007 seen in the first half will continue through the second half."

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