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Profits fall at Monsoon

Group turnover at Monsoon Accessorize dipped by 9.2% to £422.2m in the year to 27 August 2016, down from £465m last year.

EBITDA declined by 16.4% to £20.3m as the retailer continued to battle a challenging retail market and a “disappointing” performance in Monsoon’s womenswear business.

UK turnover decreased by 6.8% to £334.5m as a result of the combined impact of a 6% dip in like-for-like sales and store closures.

Monsoon shut 29 unprofitable stores and opened 26 (including concessions) during the year. At end of August 2016 it had 315 stores.

The group’s international business also suffered, as turnover decreased 15.5% from £130.4m to £110.2m. Monsoon said several key international markets had been hit by financial and political instability, and it was withdrawing from some underperforming markets.

Chief executive Paul Allen said he remained confident in Monsoon’s turnaround plans.

“We have taken important steps towards recovering the business to previous levels of profitability and, while we are encouraged by our performance to date in the current financial year, we recognise that there is still work to be done over the next few years that will enable the group to return to these levels.”

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