Harvey Nichols profits down by 40%

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Chief executive Joseph Wan said sales had suffered a sudden drop following the banking crash and went into "freefall" from October, stabilising after the winter sales.

Harvey Nichols, which has UK stores in London, Leeds, Bristol, Birmingham, Edinburgh, Dublin and Manchester, is now expected to make bottom-line profits of £10 million in the year to March 31, down from £18 million the previous year.

"A lot of wealth has evaporated and cannot be replaced overnight," Mr Wan told Retail Week magazine.

"The total consumption pool has shrunk since last year. We must adapt."

He said group sales for the year were likely to have fallen around 5%.

But Mr Wan expressed optimism that Harvey Nichols would be able to ride out the downturn.

"As long as we don't end up with a mountain of stock, survival should be no problem," he said.

The group is introducing new measures to help it cope with the difficult trading environment, including focusing on better stock management and a new marketing campaign launched this week in London aimed at overseas tourists.

Foreign visitors have flocked to the capital in recent months, drawn by the cheap shopping potential of the weakened pound.