Results blamed partly on Allders
Fashion group Alexon, which owns fascias including Bay Trading and Dolcis, became the latest retailer to report a profits fall.

The retailer blamed the demise of department store Allders and tough trading conditions for the decline.

Broker Numis called the results 'disappointing' and said that the retailer's profits were below its expectations.

Weak performances at Dolcis and menswear brands contributed substantially to the plunge. Group operating profits fell to£7.8 million, from£10.9 million last year.

For the 26 weeks to July 30, like-for-like sales were down 1 per cent. However, trading has deteriorated since and like-for-like sales for the first seven weeks of the second half are down 2.7 per cent.

Sales in the past three weeks have been disappointing, reflecting tougher trading and weakening consumer demand. Alexon chief executive John Osborne said: 'Although 2005 is proving to be a challenging year, we believe that our diversified portfolio of brands will stand us in good stead in a difficult retail environment.'

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