Alexon boosts profits with help from classics

Fashion retailer Alexon weathered the tough clothing sector with a rise in pre-tax profits, by exploiting market demand for classic brands.

In the year to January 31, pre-tax profits came to£29.4 million, compared with£27.7 million last year, on sales of£416.4 million.

Alexon chief executive John Osborn said there was growing demand for 'contemporary fashion', which is less available on a high street that is focused on young fashion.

Classic Alexon womenswear brands, including Minuet, Eastex and Alex & Co delivered like-for-likes up 1.5 per cent.

Young fashion brand Bay Trading recovered in the second half, because of a wider range, but like-for-likes were down 6 per cent for the year.

Numis said: 'Chief executive John Osborn is extremely experienced, and is a very safe pair of hands to guide Alexon through tough markets.'