Topshop owner says trading "extremely challenging"
Arcadia Group, the private owner of Topshop, Miss Selfridge and BHS says it will be forced to close 260 stores in the coming year as tough conditions on the high street and higher input costs make life difficult for retailers.
Arcadia Group, the private owner of Topshop, Miss Selfridge and BHS says it will be forced to close 260 stores in the coming year as tough conditions on the high street and higher input costs make life difficult for retailers.
In 2010-2011 the group saw like-for-like sales down 1.8% and margins drop 1.8% compared to the prior year.
In its statement on the results, the group emphasises strong cash generation of £297m and a pre-tax profit figure of £133.1m.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Commenting on the results, Arcadia's doughty boss, Sir Philip Green said:
"Trading conditions remain extremely challenging, with style, quality and value at the top of our agenda and more important than ever. Additionally, the warmest October and November on record have made Autumn trading much tougher. Current trade sees total VAT inclusive LFL sales down -4.4% for the first 12 weeks of the new financial year, with our internet sales being +21%."
BS
-
Why you should not sell in May
Sell in May is a strategy commonly applied to avoid poor returns - but does the theory still stand strong in 2024 or is it simply a fool's game, says Kalpana Fitzpatrick
By Kalpana Fitzpatrick Published
-
Which region will see biggest house prices growth by 2028? What the latest Savills forecast says
News House prices could see a turnaround over the next five years, according to Savills, as mortgage rates and cost of living pressures ease
By Henry Sandercock Published