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.”
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
German etailer Zalando will report its first quarter results tomorrow morning.
Becky Waller-Davies, reporter