Arcadia Group, owner of Topshop, Dorothy Perkins and Miss Selfridge, has reported a 6.1% drop in operating profit for the full financial year. It fell from £293.3m last year to £275.3m for the 12 months to August 30.
The group, which is led by Sir Philip Green, also saw a fall in total sales across all of its UK stores, which also include Topman and Burton, and international franchises. Sales fell by 0.6% to £1.8bn, while like-for-like sakes, excluding new openings, fell by 2.8%.
Pre-tax profits for the full-year were £188.9 million, down from £199.2 million in 2007.
Arcadia says turnover is also down by 1.8 per cent in the first seven weeks of the new financial year.
Green is currently negotiating with Bauger – the Icelandic investor that has a 49% stake in Oasis, Principles and Karen Millen-owner Mosaic Fashions – and others to buy Bauger’s debt.
Green says:” Our leading fashion brands, Topshop, Topman and Miss Selfridge, had an excellent year producing record turnover and profit. The mainstream brands had a more challenging time being additionally impacted by the unseasonal conditions.”