Alexon: Fashion firm off target

SHARES in women’s fashion retailer Alexon plunged after the company yesterday admitted that it was unlikely to hit its targets.

Like-for-like sales for the 23 weeks to 9 January fell 14.3 per cent.

Shares dropped up to 11 per cent, before recovering to close five per cent lower at 36p after the firm said poor weather conditions and lower gross margin had hit the company.

In a statement Alexon said: “We believe the 2010 economic outlook will remain challenging.”