Monsoon Accessorize turnover soars 4.3 percent in FY'13

REPORT_ Monsoon Accessorize generated pre-tax profit of 18.1 million pounds (29.5 million dollars) in the 53 weeks to August 31, 2013 against a pre-tax loss of 2.4 million pounds (3.9 million dollars) in 2012. Underlying group turnover jumped 4.3 percent to 551.9 million pounds (901 million dollars). Sales

in the UK and Ireland increased to 468.4 million pounds (764.7 million dollars). International sales surged to 83.5 million pounds (136.3 million dollars).

EBITDA

rose by 32.6 percent and the group ended the year with net cash of 55.4 million pounds (90.4 million dollars) compared with 14.7 million pounds (24 million dollars) the previous year. Monsoon suffered the toughest year of trading in its history in 2012 when it fell to a 4 million pounds (6.5 million dollars) operating loss from a 60.1 million pounds (98.1 million dollars) operating profit in 2011.

After John Browett took over as Chief Executive of Monsoon, the company has chalked out a four-year aggressive strategy to improve its multi-channel offerings, while improving its international arm, stock management and systems along with realigning the store portfolio. Instead of standalone store model for Monsoon, the company has decided to combine Monsoon Accessorize shops. However, Accessorize will continue to operate standalone stores.

Company, based in London is also looking at expanding its international business that comprises of 1,047 shops in 74 countries and accounts for more than half the group’s sales.