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Paul Smith cautious on 2010

Paul Smith, the upmarket fashion brand, has warned that the coming six months will be “challenging” for retailers around the world. The firm, known for its distinctive stripes and sharp suits, reported a 2 per cent slip in pre-tax profits to £21.7m for the year to June as stockists cut down their orders. Founder Sir Paul Smith is thought to have pocketed £4m in earnings during the year and also enjoyed the majority of a £1m dividend paid by the company. His comments follow a similar note of caution from M&S.