38% drop in profits at Arcadia, Topshop-to-Bhs fashion empire
Pre-tax profits at Arcadia, which also owns the Topshop, Bhs, Topman, Burton, Dorothy Perkins, Miss Selfridge, Wallis and Evans brands tumbled from £213.2m to £133.1m in the year to 27 August, a decline of nearly 38% with Sir Philip Green cautioning that the mild weather had bought no respite in the new financial year.
Arcadia, with annual sales of £2.7bn, is one of the UK's largest privately owned retailers with more than 44,000 employees and 2,507 stores, and warned of plans to shed 250 UK stores when their leases came up for renewal over the next three years, reflecting changes in shopping habits as more goods are bought online. Arcadia's internet sales were up 27% for the year. www.guardian.co.uk