Alexon reports improved trading despite flat first-half profits

BRITISH fashion retailer Alexon posted a flat adjusted pretax profit for the first half as it was hurt by lower inventory levels, but said trading since the half year was encouraging.

The company, whose brands include Ann Harvey, Eastex and Dash, said like-for-like sales rose 3.1 per cent for the first seven weeks of the second half, with some margin improvement.

For the 26 weeks ended 31 July, pre-tax profit before exceptional items on continuing operations was nearly flat at about £1m

Revenue fell 10 per cent to £69.7m as disruptions such as air transportation issues led to lower inventory levels.