Fred Perry profits are punctured despite riding to higher turnover

 
Michael Bow
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FRED PERRY, the British fashion designer, made slightly smaller pre-tax profits last year after sales trailed off in the UK and the company spent big on new shops and websites.

Sales fell two per cent in its main British and European market to £98m for the year ending March, despite a strong summer of Olympic sporting success and ensuing fashion tie-up with Gold medal winning cyclist Bradley Wiggins.

The fall was cushioned by a sales surge of 21 per cent for the rest of the world, up to £24.6m, delivering an overall sales increase of £2m.

But overall pre-tax profits fell to £32.5m from £34.2m a year earlier.

The company paid out to develop four new stores and two new websites, one site selling lower priced goods and a site aimed at US consumers.

Fred Perry, which bears the name of the last British man to win Wimbledon before this year’s champion Andy Murray, has collaborated in the past on collections with musicians like Amy Winehouse and Paul Weller.