Premium retailer Jaeger posted a pre-tax profits plunge in its full year to February 28, 2011.
The retailer, which is owned by British Fashion Council chair Harold Tillman, revealed that pre-tax profit dropped to £772,000 from £2.22m the previous year, in results filed at Companies House this week.
Sales during the period were up 10% to £93.89m but the retailer said profits dip was, in part, down to the need to take provisions for its five loss-making stores.
The retailer, which has 50 stand-alone stores and 70 concessions in the UK, recently ceased a licensing deal with a Japanese company to open stores in Japan but is said to be “very serious” about opening stores in China and plans to open concessions in Harvey Nichols in Hong Kong.
Additionally Jaeger is thought to be exploring the possibility opening shops in New York for the first time. It currently wholesales in the US in department stores including Nordstrom.
The retailer opened six stores in the UK in 2011 and now sells online to 39 countries.