Agent Provocateur says sales up

Agent Provocateur now has 32 stores and 11 franchise outlets.

Luxury lingerie firm Agent Provocateur has said its sales for the year to mid- March are up 8% so far at £22.4m.

The firm also said its sales for the previous year to 31 March 2008 had risen 26% to £20.7m.

Agent Provocateur said its earnings fell to £2.2m, from £2.7m in the same period last year as it invested in new stores.

The company, which also makes perfumes, was acquired by private equity group 3i in November 2007

"Despite the challenges of the global economic environment, we continue to trade strongly," chief executive Garry Hogarth said.

3i performance

Retailers of higher-end goods have reported better results than mass market brands as wealthier consumers have not cut back spending as much.

French luxury goods firm Hermes, famous for its handbags and silk ties, said last week its profits rose in 2008.

3i, which also owns laser eye correction firm Ultralase, said in January that the value of its biggest 50 investments declined 21% in the last three months of 2008 as the economic downturn worsened.

Shares in 3i have dropped 4% so far this year.