Tue, 06 Sep 2011 | BUSINESS SALE
Ann Harvey owner Alexon has issued a profits warning after continued poor trading conditions on the high street this summer, with the board now seeking a buyer.
The average sales performance on the high street in August was down by 0.6 per cent on last year. Alexon’s trading for the first three weeks of August was far worse at 9 per cent down on the same period last year.
Alexon said that the poor results were down to ‘very difficult retail and economic conditions’. ‘The board now expects the group’s performance for the year to be well below previous expectations,’ the company added.
Alexon trades its Ann Harvey, Eastex and Kalico brands from 847 concessions and 83 stores in the UK with a further 152 stores overseas. Discussions with numerous interested parties are now underway though ‘no firm offer has been received.’
The firm has reported strong online sales up by 118 per cent in the first half - representing eight per cent of the whole business.
A turnaround plan implemented last year at Alexon raised £20 million from shareholders and saw the closure of 51 stores.
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