The group blamed the fall on a challenging retail climate.
Alexon runs shoe chain Dolcis, clothing chain Bay Trading, Alexon brands including Eastex and Ann Harvey, and a menswear business that includes high-street chain Envy.
Operating profit fell to£19.7 million for the year to January 28, compared with£29.4 million the year before. Like-for-like sales were down 1.4 per cent for the period.
Seymour Pierce analyst Richard Ratner said: 'The severity of this downturn in fortune for Alexon has surprised even us, butthe companyhas bounced back before and it has net cash.'
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