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By
Reuters
Published
Apr 22, 2010
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Alexon posts full-year loss on weak consumer spending

By
Reuters
Published
Apr 22, 2010

April 22 (Reuters) - British fashion retailer Alexon Group Plc (AXN.L) posted a full-year pretax loss as its brands were hit by poor consumer spending and said it would not pay final dividend to conserve cash.

Alexon
Photo: www.alexon.co.uk

The ladies clothing retailer, which owns brands such as Alexon, Ann Harvey, Dash and Eastex, also said like-for-like sales fell 4 percent in the first 11 weeks of the current year.

However, with the exception of Alex & Co, all of the company's brands were performing in line with its expectations, Alexon said in a statement.

The company has lost 25 percent of its share value in the last one year, reflecting tough economic conditions and the disruption caused by putting its Bay Trading unit into administration.

For the year ended Jan. 30, adjusted pretax loss from continuing operations was 0.9 million pounds ($1.39 million), compared with a profit of 10.8 million pounds.

Turnover fell 13.6 percent to 153.4 million pounds.

Shares of the company were down 2 percent at 21.5 pence at 0703 GMT on Thursday 22 April on the London Stock Exchange. ($1=.6490 Pound) (Reporting by Purwa Naveen Raman in Bangalore; Editing by Jarshad Kakkrakandy)

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