Monsoon Accessorize profits fall amid ‘difficult trading’
It also stated that Monsoon was affected by lower demand caused by the cost of living crisis, unseasonable weather in summer 2023 and cost inflation
Monsoon Accessorize has seen its EBITDA fall 18% to £20m for the year ended 26 August 2023.
The company stated that trading remained “difficult” despite pressures easing causing the profit drop.
Group sales for Adena Brands, parent company of Monsoon Accessorize and East. fell 4% down to £248m.
Despite this, its retail like-for-like sales 4% led by “robust” performance from Accessorize.
Accessorize saw an 11% increase in sales in the UK while Monsoon saw an increase of 6% in womenswear digital sales.
The company stated that the increase in National Living Wage, rates and energy price increases contributed to an extra £5m in costs.
It also stated that Monsoon was affected by lower demand caused by the cost of living crisis, unseasonable weather in summer 2023 and cost inflation.