Retail: Arcadia posts 5pc rise in profit
Retail tycoon Philip Green's Arcadia Reported a 5pc rise in year profit yesterday, helped by the international expansion of its Topshop chain.
The group, which also owns the Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans and Burton brands, made an operating profit before goodwill and exceptional items of £251.6m (€359m) in the year to August 29, up from £238.4m (€340.2m) in the previous year.
The results are for continuing operations and so benefit from the exclusion of the loss-making BHS department store chain which Green offloaded to buyout firm Retail Acquisitions in March.
Arcadia's total sales were broadly flat at £2.07bn (€2.96m), with sales at UK stores open over a year down 0.9pc.
Topshop/Topman opened five new stores in the United States in the last financial year, taking the total to nine.
Around 34 new overseas franchise outlets for Topshop/Topman were also opened. In the first 10 weeks of Arcadia's new financial year total VAT sales tax inclusive like-for-like sales were down 2.3pc.