Adena Brands, parent company of Monsoon Accessorize, reported a “significant improvement” in trading and a return to profit.
For the 52 weeks to August 30, sales grew 4% to £212.2m, up from £204m in 2024.
Pre-tax profit during this period reached £1m, a return to profit and up from a loss of £7.5m the year prior. EBITDA rose £10.4m to reach £8m.
The group said the strong performance was despite the “continuing challenging trading conditions in the UK high street” alongside increased costs such as the rise in employers’ national insurance contributions.
Its core Accessorize business showed “solid growth” with positive like-for-like sales and new store openings.
The Monsoon digital business also saw gains and a more “productive” digital marketing spend and strong third-party marketplace growth.
Monsoon childrenswear also returned to growth, and the international business saw progress following changes made in Italy and Saudi Arabia.
In the UK, the group opened 14 new stores and refitted a further eight. It has also completed a technology upgrade to move its systems into the cloud, reinforcing its cyber security.
Monsoon Accessorize chief executive Nick Stowe said: “This is an encouraging performance, despite the many headwinds we have been facing, especially cost pressures and increased taxation.
“It has been possible thanks to the investment programme in our stores and systems that we have pursued in the past five years, and the dedication and hard work of my colleagues. I would especially like to thank all our customers for their continued support.”
Founder and chairman Peter Simon added: “Nick and his team have done an excellent job in returning Monsoon Accessorize to profit, despite this tough consumer climate.
“The uncertainty caused by the delayed Budget, where timing could not be worse for the retail sector, and the continuing threat of further tax rises, have not made our lives any easier.
“As a result, we are taking a cautious approach to investment and hiring, but believe that in the medium term the business will continue to grow and flourish thanks to our unique designs and rich heritage.”
No comments yet