Register to get free articles
Want unlimited access? View Plans
Already have an account? Sign in
Monsoon saw its sales rise 43% to £258m and a strong gross margin performance of 5.3% that helped double the group’s EBITDA to £24.4m, a rise of 132%, for the financial year ended 31 August 2022.
The fashion retailer’s results come as its like-for-like sales grew 105%, thanks in part to the group’s travel business and Accessorize.
It is reported that Monsoon’s websites led the group’s web demand growth of 22%, with online now representing 45% of the company’s UK sales.
In addition, the group opened 19 new stores across the UK in the past year, with plans to open a further 22 for the year ahead.
According to the retailer, it is focused on new retail locations and international expansion. Monsoon will reportedly continue to expand in Europe and the Middle East, including the opening of multiple new Accessorize stores in key European airport locations in Italy, Germany and Switzerland.
Nick Stowe, CEO of Monsoon, said: “This past year we’ve made continued strong progress on our turnaround plan. We’ve continued Monsoon’s digital transformation with a new website design, better digital marketing, and the development of ‘Monsoon Bazaar’, our marketplace for like-minded, sustainable third-party brands.
“We’re entering a clearly more challenging consumer environment as the economy slows, and we’re taking action to control our costs and capital spend. But the business now has a great foundation, we’ve performed well and grown in the first quarter of our new fiscal year, and we remain positive about the year ahead.”
Peter Simon, founder and chairman of Monsoon, added: “We took a leap of faith in 2020 to rescue Monsoon and Accessorize at the height of the pandemic. Our team has worked incredibly hard since then, first to save the business, then to rebuild its profitability, and now to write a new chapter for our iconic brands.
“The business is well-prepared after all the work we’ve done, and I want to thank our customers for their faith in us, all our colleagues for their enduring commitment and our landlords and suppliers for their continued support.”
