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Sales drop at Austin Reed

Sales at Austin Reed fell by 3.8% to £59.6 million for the year to January 31, while pre-tax profit rose by 92% to £10.4m.

But the rise in profit at Austin Reed was affected by an exceptional gain of £8.5m from the sale of the interest in the long leasehold property on Regent Street in London earlier this year.

Austin Reed said its website was continuing to perform well since the re-launch in November 2005 and expects the online business to be as big as its largest stores.

Austin Reed said new marketing campaigns will continue to feature actor Rupert Perry-Jones as the face of the classic men's and women's brand.

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