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.
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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
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