Monsoon Accessorize’s Irish unit profit down

The Irish subsidiary of retailer Monsoon Accessorize, has recorded a €2.32 million pretax loss for the year ending August 2015, versus a €1.47 million profit a year earlier

The group, which owns the retailing clothing chains Monsoon and Accessorize is a seller of women’s and children’s clothing, accessories, homeware and gifts.

Its parent employs nearly 9,000 people across 1,224 stores in 60 countries.

Newly filed accounts show Monsoon Accessorize Ireland Ltd recorded an operating profit before depreciation, impairment and exceptional items of €480,643 versus €750,251 a year earlier.

The decline in full-year pretax profits was largely attributed to “an onerous lease charge” of €2.6 million recognised during the year.

The group saw turnover decline by 3 per cent to €14.1 million compared to €14.6 million last year.

“The company experienced weakening sales performance and a decrease in margin partly due to the euro and performance of the Monsoon brand,” the company said.

Staff costs, including wages and salaries, declined from €2.76 million to €2.52 million last year as employee numbers fell from 96 to 85.