UPMARKET shirtmaker TM Lewin appeared to be avoiding the high street slowdown after revealing healthy sales growth yesterday.
The firm said revenues during its first quarter to 24 May were 16 per cent ahead of last year, helped by the impact of 11 store openings in the previous financial year.
According to the firm, the figure represented an improvement on the full year'
s performance to 23 February, in which sales rose 14 per cent to £63.4 million.
Underlying profits were 21 per cent ahead at £11m.
Chief executive Geoff Quinn 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."
TM Lewin, which sold 1.8 million shirts during the year, said it would be focusing on expanding its womenswear range of shirts and business wear, which could involve operating standalone womenswear stores.
The group currently runs 57 retail stores including a presence in Scotland as well as a number of in-store concessions and a home shopping arm through mail order and the internet.
The business was founded in 1898 when Thomas Mayes Lewin opened his first shop in Jermyn Street, London. Management currently hold an 80 per cent share, with HBOS owning the rest.
Last week, upmarket fashion label Burberry also revealed a strong sales performance, with a 26 per cent hike in revenues.
The full article contains 270 words and appears in The Scotsman newspaper.
