Pringle of Scotland receives a £11 million bailout
A spokesperson for the label says it is the fifth annual consecutive drop in sales which were due to investment "in the long-term development of the Pringle brand and business on a global basis."
"Given the continued investment in the Pringle of Scotland brand, the directors are not expecting to report operating profits in the short term, but are satisfied that the development of the brand and of the business are progressing with their long-term strategic objectives," they said.
Pringle's former creative director Clare Waight Keller resigned in March to join Chloe. She was succeeded by Alistair Carr, who previously worked at Balenciaga.