Austin Reed posts losses

Austin Reed, the British high street fashion retailer, has reported a loss of £1.1 million for the first half ended 13 August. The amount was, however, a small improvement on the loss of £2.8 million in the same period last year.

The company admitted that its new CC division - previously known as Country Casuals - needed some improvement after it showed a 15 percent drop in same-store sales.