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Profits dip at Monsoon
Archived article dated Monday July 24th 2006
Profit before tax and exceptional items down 2 per cent to £58.0 million.
UK & Eire turnover increased by 30% from £332.6m to £430.7m and like-for-like sales decreased by 1 per cent. Operating profits after exceptional items decreased by 7 per cent from £44.3m to £41.2m.
During the year, 116 stores were opened and 55 stores were closed, inclusive of 28 resites. Of these 61 stores, 26 were Monsoon, 12 were Accessorize and 23 were Dual stores. Dual stores are adjacent Monsoon and Accessorize outlets which are joined internally.Commenting on the results Peter Simon, Chairman, said "Whilst the year ending 27th May 2006 was predicted to be more difficult than last year, it turned out to be the most challenging year in the company's history" In 2005, we took a decision to expand the group substantially with the acquisition of 43 stores from Etam. It proved more complex to integrate these stores than anticipated and, with tough trading conditions, this has had an inevitable impact on our historically good margins".
Tagged as: monsoon
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