Monsoon revealed falling profits today as its boss Paul Allen praised current trading in a tough market.

The fashion retailer’s EBITDA fell to £20.3m, down 16.4% from £24.3m the previous year. Total sales were down, as were like-for-likes.

The retailer is in the midst of a significant turnaround programme, set out in 2015, that will continue for a number of years.

Allen told Retail Week: “We are pleased at the way things have developed, but we recognise that there is still a big job to do. The building blocks are in place but we now have a lot of ground to cover.”

Also today, The Hut Group reported rocketing profits in a “step-change” year and LK Bennett founder Linda Bennett has returned to the business in an advisory capacity.

Quote of the Day

““We acquired the site positive that we could build a John Lewis shop, but having explored all options, we cannot deliver a shop on this site with the extent of demolition and rebuilding required.”

John Lewis on the news that it will not be opening a Brighton store

Today in numbers


The jump in The Hut Group’s international sales


The number of shoppers affected by a data breach at Debenhams

Tomorrow’s agenda

German etailer Zalando will report its first quarter results tomorrow morning.

Becky Waller-Davies, reporter