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Losses fail to dent Alexon confidence

Alexon Group chief executive Jane McNally is positive that the troubled womenswear retail business will turn a profit this year as it ramps up its turnaround plan.

The womenswear retail group, which owns the Ann Harvey, Eastex, Dash, Kaliko, Minuet Petite and Alex & Co chains, posted a £900,000 pre-tax loss for the year to January 30, against a profit of £10.8m the previous year.

Total sales over the year fell 13.6% to £153.4m, with like-for-like sales down 14.6%.

Alexon’s performance has improved since the year-end and like-for-like sales for the 11 weeks to April 17 were down just 4%. The group said Kaliko and Ann Harvey had seen the strongest recovery, but added that all its fascias were performing in line with expectations apart from Alex & Co, which offers smart, structured looks.

McNally said Alex & Co still had a place in the business providing its relaunch for autumn 10 proved a success. The chain will be rebranded as Alexon from autumn 10, a repositioning that was originally planned for autumn 09 but was put on hold until a stronger product team was put in place.

In March, Alexon raised £18.5m through a share placing to fund a reorganisation of its property portfolio. The business has now exited 37 unsuitable leases, and plans to open 10 stores and 58 concessions during this financial year.

Readers' comments (1)

  • McNally has a difficult time ahead of her but is going the right way towards turning the business around. Can all of the fascias make it though? Like Bay Trading, I wouldn't be surprised if they have to get rid of another chain. Maybe Alex & Co?

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