The trend for business executives to abandon their pin stripes for a more casual look is hitting the market for formal suits, according to tailors Austin Reed.
But the company said it had moved swiftly to provide clothes for the “dress down” fashion in offices and was seeing significant growth in its casual clothes designs.
The comments came as the group reported it had managed to stay in profit over the last year despite the changing marketplace and the generally tough trading conditions in clothes retailing.
Turnover in the year to January 31 was down to £113.6m from £120.1m “reflecting the downturn in demand for tailored clothing”.
Profits before tax and exceptionals held up at £6.5m compared with £6.4m last year.
However, exceptional costs of £4.5m relating to the closure of the companys shirts and suit making business in Crewe last year, trimmed the final pre-tax profit figure to £2m from a post-exceptional figure of £7.1m last year.
Shareholders will receive a total dividend for the year of 7.5p, unchanged from last year.
PA News 06/04/00
