Fashion group Alexon has returned to full-year profitability and named David Adams chairman.
Alexon, which owns brands such as Dash and Kaliko, posted a pre-tax profit from continuing operations and after exceptionals of £0.1m in the year to January 29 versus a loss of £14.3m last year.
Turnover was down from £153.4m to £135.9m and like-for-likes fell 3.4%.
The retailer reported that progress was being made on its turnaround. Alexon has exited 51 loss-making leases saving £6.6m annually, refitted 51 concessions and stores and online sales leaped 144%.
Alexon has renegotiated its banking facilities and covenants with Barclays including an extra £2.5m one-year loan facility running until the end of April 2012 and a deferral of a £1.5m repayment due this July.
Chief executive Jane McNally said: “Despite another difficult year for the UK retail industry we are pleased that the group made further progress with its turnaround and returned to profitability.
“That said our performance was impacted not only by the challenging trading environment but by the severe weather in the last quarter which adversely affected profits and our cash position.”
She said that trading since the year end has been encouraging and “broadly in line with management expectations” and that new collections “have been well received by our host store partners”.
All brands, with the exceptions of Minuet and Dash are in line or exceeding expectations she said.
David Adams, who was already a non-executive director, will succeed Richard Handover as Alexon’s chairman from the end of May.