Profits leap 25 per cent at Arcadia
THE retail empire behind Topshop and Miss Selfridge saw annual profits jump 25 per cent despite falling sales amid "very challenging" high street trading.
Sir Philip Green's Arcadia group said like-for-like UK retail sales dropped 3.2 per cent in the year to August 25.
But the group – which also owns BHS, Burton and Dorothy Perkins – said moves to sell less discounted stock helped improve margins and grow underlying full-year profit to £166.9 million from £133.1 million the previous year.
It added that like-for-like sales have improved since the summer, up 0.7 per cent in the first 10 weeks, including VAT.
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Sir Philip said that with trading conditions remaining challenging, "exciting and engaging" customers across multi-channels was top of the agenda.
Earlier this month his Dorothy Perkins brand enlisted the support of US reality show stars to launch its "Kardashian Kollection".
Arcadia's UK e-commerce sales grew 20 per cent over the year, while its international online business saw sales rise by 33 per cent.
The results come a year after the group warned over stores closures and posted a 40 per cent slide in underlying pre-tax profits as it chose not the pass on increasing costs to cash-strapped customers.
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