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River Island pre-tax profits fall

Pre-tax profits at River Island Clothing Co Ltd fell by 3.6% while turnover increased to £652 million during the year to December 29 2007.

According to accounts lodged with Companies House, pre-tax profits at River Island Clothing Co Ltd fell from £143m to £137.8m, while sales rose from £605m to £652m over the 52-week period.

Within the accounts statement River Island directors said they expect turnover to increase for 2008. During the 2007 period the retailer refitted 15 shops and relocated 11 stores to larger premises.

Earlier this year it was reported that group turnover of the Lewis Trust Group, the investment vehicle of the Lewis family, which owns River Island, rose from £812m to £888m. Pre-tax profits fell from £243m to £149.9m.

The pre-tax profit of £243m posted the year before was boosted by a £63.5m profit on the disposal of the group’s Spanish hotels division, and a £22.7m profit on the sale of a London office block.

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