In its latest set of results, Monsoon posted a modest increase in its sales – from £422.1 million to £423.7 million and, importantly, reduced its operating losses by 41.5 per cent to £10.4 million. The year to August 27th also saw an increase in EBITDA – up 18 per cent to £23.9 million, which is headed in the right direction.
CEO Paul Allen confirmed, as have other retailers, that the trading environment had been difficult. “During the financial year we focused on the continued turnaround of the business, in particular the performance of the Monsoon brand,” he said. Adding: “In common with all of our high street competitors, we are witnessing a steady decline in footfall and like-for-likes in our store-based business. While we are enjoying strong growth in online sales, both direct and through third parties, these are not, as yet, offsetting the decline in store sales.”
Share