UK: Monsoon Accessorize returns to profit
- Full-year pre-tax profit of GBP18.1m
- Group turnover up 4.3% to GBP551.9m
- Helped by improved product ranges
UK apparel and accessories retailer Monsoon Accessorize has returned to profit, driven by improved product ranges and reduced levels of discounting.
The privately-owned company saw pre-tax profit reach GBP18.1m (US$29.7m) for the year to 31 August, compared to a loss of GBP2.4m in the same period of the prior year.
Underlying group turnover, meanwhile, grew 4.3% year-on-year to GBP551.9m.
In the UK and the Republic of Ireland, sales edged up 0.4% to GBP468.4m, while international sales jumped 33.4% to GBP83.5m. During the year, the company closed 35 stores taking its total to 1,437.
Founder Peter Simon said: "This is a good set of results demonstrating a year-on-year recovery. The appointment of John Browett as CEO and the recovery in performance of the group's brands provide a good platform for the business to move on to the next stage in its development.
The company, Simon added, has identified a number of initiatives to build on the group's strengths and support growing demand for its products.
"While we strive for further improvement I am determined that the main focus will remain as always on both product and the customer. Being debt free we have the resources to invest in developing the business."
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