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Shirt Firm Reveals Sales are Positive

Thursday 24th of July 2008 08:28:29 AM

Upmarket shirt maker TM Lewin appears to be avoiding the high street slowdown after revealing healthy sales growth. The firm revealed that revenues during its first quarter to May 24 were 16% ahead of last year. This was helped by the impact of 11 store openings in the previous financial year.

The figure represents an improvement on the full year's performance to February 23, 2008. That performance saw sales rise 14% to £63.4 million. Underlying profits were ahead 21% at £11 million.

Geoff Quinn, Chief executive said, "We are pleased that the current financial year has started well. Whilst we are ever watchful of the impact of a more difficult economic environment, we have a financially robust business model with strong operational disciplines which we believe puts us in a unique position to build our business even in challenging times."

The group currently runs 57 retail stores - making up 82% of total sales - as well as a number of in-store concessions and a home shopping arm through mail order and the internet. Nine of the 11 stores opened in the past financial year were in London, including five in the City. The others were in Bromley and Ashford, Kent.

The business was founded in 1898 when Thomas Mayes Lewin opened his first shop in Jermyn Street, London. Management currently hold an 80% share, with Hbos owning the rest.

TM Lewin also operates eight concessions in House of Fraser stores in Croydon, Guildford, Manchester, Leeds, Birmingham, Newcastle, High Wycombe and Dundrum, Ireland. Its home shopping arm saw sales rise 27% increase during the last financial year.

TM Lewin, which sold 1.8 million shirts during the year, said it would be focusing on expanding its womens wear range of shirts and business wear. This focus could involve operating standalone womens wear stores.

Last week upmarket fashion label Burberry also revealed a strong sales performance. It boasted a hike in revenues of 26%.

(c) mzacha,www.sxc.hu