Topshop owner posts 6.4% profit lift

Retail group Arcadia, owner of the Topshop, Dorothy Perkins and BHS brands, says profit increased 6.4% in its last financial year.

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The company, led by Sir Philip Green (pictured), says that pre-tax profit in the year to 28 August was £213.16m, up from £200.3m a year earlier.

Turnover reached £2.8bn, up from £1.9bn last year, driven, the company says, by a “strong year” from Topshop and Topman.

Despite the gains, Sir Philip says that January’s increase in VAT, wage inflation and the increasing cost of raw materials leave him “cautious” over the company’s prospects for the current year.

Like for like sales in the UK for the eleven weeks since the end of August increased 1%, the company adds.

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