Fashion retailer Monsoon has recorded a drop in both sales and profits last year due to a tough trading environment, according to Retail Week.
The company’s full-year EBITDA fell 16.4 per cent to £20.3 million, while sales dropped 9.2 per cent to £422.1 million compared to £464.9 million in the previous year.
In its UK market, there was a six per cent drop in like-for-like sales, while total UK sales declined 6.8 per cent to £311.9 million.
Meanwhile, Monsoon’s international total revenues dropped 15.5 per cent to £110.2 million pounds.
Chief executive Paul Allen told Retail Week that despite the results, he was optimistic Monsoon’s turnaround strategy would lead to better results in the current financial year.
The strategy includes leaving underperforming markets such as Singapore, South Korea and Venezuela, separating the identities of the company’s Monsoon and Accessorize brands, reviewing its property portfolio, opening shop-in-shops in Debenhams, and improving its online platform.