Arcadia profits edge up despite slip in like-for-like sales
While total sales rose 2.2% to £2.74 billion, like-for-like sales edged down 2.7%.
In a statement issued today, Arcadia said that like-for-like sales had fallen by 3.7% in the first ten weeks of 2013/14 as trade was impacted by the unseasonably mild and wet weather.
Owner Sir Philip Green added: “Trading conditions remain challenging, therefore exciting and engaging our customer across multi-channels is at the top of our agenda.”
During the year, all of the Arcadia brands benefited from both refurbishments and new store concepts. The group has recently completed the reconfiguration of its stores at the Bluewater shopping centre and is now in the process of selecting a number of stores across its brands to upgrade and refurbish in the next six months.
Arcadia opened 127 international franchise stores in the year taking the total to 659 franchised outlets operating in 42 countries. A further 161 new store openings are planned for the coming year, with several new markets under discussion.
The group also plans to grow its business in the United States after US private equity firm Leonard Green & Partners bought a 25% stake in Topshop/Topman. Arcadia opened its fourth US fully-owned Topshop/Topman flagship store in The Grove in Los Angeles in February 2013, and has several further stores identified in the US that are under negotiation.
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