Austin Reed’s earnings in its first year of private ownership have risen sharply.

The strong performance has continued since the year-end, with like-for-likes still rising.

However, chief executive Nick Hollingworth said trading conditions had been “the worst in my retailing history” and there is little sign of improvement.

The fashion group revealed that EBIT soared 54 per cent to£5.1 million in the year to January 31. UK sales edged ahead to£110 million from£108 million the previous year.

In the 13 weeks since January 27, like-for-like sales climbed 4.3 per cent. But Hollingworth still said: “I can’t think of another time when it has been as bad as this for such a long period.

“We have managed to improve our margins and brought in more desirable products.”

Austin Reed will press ahead with international expansion this year, with licensing deals in Columbia, Japan and Korea. 10 stores will open in the Middle East through franchises in the next three years and Austin Reed’s CC womenswear fascia may also venture abroad.

Nick Keyte has been promoted to managing director of menswear group SRG and Peter Lucas has taken the helm as chief executive and chairman.

The menswear retailer, which runs Suits You and Racing Green, plans to open 25 Suits You stores in the next 18 months and is mulling a new store model to help secure more upmarket brands.

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