Sales at formalwear retailer Austin Reed have slumped as the company continues to refurbish its Regent Street flagship.
The 2,970 sq m store accounts for 18 per cent of Austin Reed selling space and is being overhauled as part of a relaunch of the brand scheduled for the autumn.
Sluggish sales at Country Casuals and in the City of London Austin Reed store also contributed to a 9 per cent fall in sales for the 16 weeks of the year. This compares with a 4 per cent rise in sales for the same period last year.
Austin Reed has also agreed the sale of a freehold factory site in Coalville, Leicestershire, for£4 million.