McMenemy leaves after £1 million drop in profits
Mid-market fashion retailer Monsoon has revealed that its group finance director Mark McMenemy has resigned.

McMenemy will remain with the company, which sells women's, men's and children's clothing along with accessories, until March next year. The retailer said in an announcement that they 'would like to thank him for his contribution'.

In July, the business reported profit before tax and exceptionals of£58 million for the year to May, compared with£59 million the year before. Total sales rose 33 per cent to£485.3 million.

The fall in profits prompted a strategic review at the business, which is chaired by founder Peter Simon.

In July, Monsoon's house broker, Steve Davies at Numis, attributed the fall to the World Cup and strong comparatives the year before. 'Since the end of the football, the hot weather has affected high street footfall and made it difficult for clothing retailers to clear out excess stocks in sales,' he said.