Trading Statement

RNS Number:2595U
Austin Reed Group PLC
15 January 2004

                                                                 15 January 2004


                            AUSTIN REED GROUP PLC

                   TRADING STATEMENT AND MANAGEMENT CHANGES

Austin Reed Group PLC today reports that retail sales in the 22 weeks to 10
January 2004 were down 5.2% in total and down 11.3% on a like for like basis
against the previous year. This result shows a marginal improvement on the sales
performance for the 15 weeks of this period reported in the Trading Statement
issued on 27 November 2003.

As anticipated in that statement, gross margins for our UK retail businesses for
the second half will be slightly lower than last year. Together with the cost
savings made following the reorganisation, implemented from March 2003, the
Board now expects that pre tax profits before exceptionals for the year to 31
January 2004 will be in line with the Board's expectations at 27 November 2003.

Roger Jennings has decided to step down as Chief Executive of the Group and will
be leaving the Company to pursue other interests. He has resigned as a Director
of the Company with immediate effect.

A search has commenced to find a suitable successor. David Lowbridge, currently
a Group Executive Director, has been appointed Acting Chief Executive for the
interim period.

Mr Lowbridge joined the Group as Managing Director of Country Casuals when it
was acquired in 1998 and has served as a Director of the Group since April 2001.

Enquiries to:
Richard Constant, Gavin Anderson & Company               Tel: [phone]








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