Monsoon sees late sales boost
Like-for-likes up in recent weeks
October 1 2002
Fashion retailer Monsoon has seen a recovery in like-for-like sales after a shaky start to it new financial year.
In a statement issued for its AGM, chairman Peter Simon reported an increase in total sales of 10 per cent on the 18 weeks to September 18, but a like-for-like fall of 1 per cent.
However, in the five weeks since the end of the first quarter, like-for-like sales are up 3 per cent compared to last year, and total sales for the same period up 12 per cent.
Simon said: “Trading during the summer sale period was in line with our expectations. Sales of autumn merchandise at full margin increased and this resulted in an improved margin being achieved. In addition international sales and profits have grown well and we have continued the rigorous control of costs. Performance is in line with our expectations at the time of our results in July and we remain confident.”
In July, Monsoon reported a 32 per cent rise in profits but warned that the first quarter was “unlikely to match the excellent improvement in life-for-like sales growth” achieved last year. The company operates more than 250 Monsoon and Accessorize shops in the UK, as well as more than 60 additional internationally.
