Austin Reed returns to the black

Clothing retailer Austin Reed highlighted its recovery today with a return to first-half profitability.

The high street chain, also home to the Country Casuals brand now known as CC, posted pre-tax profits of £500,000m (€744,000) in the 28 weeks to August, compared with losses of £1.1m (€1.6m) during the same period last year.

Chief executive Nick Hollingworth said the results “show the good progress we have made in the recovery of the group”.

He added: “By improving our product, stores and service we have broadened our appeal to customers and increased our sales and margins.”

Turnover for the period rose 6.7% to £55.9m (€83m), while like-for-like sales were up 7.6%.

Austin Reed said trading in the second half was “encouraging” with an 11.6% like-for-like improvement in the first five weeks of the second half.

“We remain confident that we have the right strategy in place to continue the recovery of the group,” it said.