THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
Interviews
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
Arcadia to close 250 stores

Arcadia, the retail group owned by billionaire Sir Philip Green, has reported that underlying pre-tax profits fell by more than a third to £133 million in the year ending 27 August. This compares to a profit of £213 million in the previous year.

CITY & CORPORATE

Arcadia to close 250 stores

Arcadia, the retail group owned by billionaire Sir Philip Green, has reported that underlying pre-tax profits fell by more than a third to £133 million in the year ending 27 August. This compares to a profit of £213 million in the previous year.

As a result the company plans to close up to 250 stores during the next three years.

The group which includes high street stores such as BHS, Topshop, Burton, Dorothy Perkins and Wallis, saw total sales fall by 3.4% to £2.6 billion in the year. 

Sales at stores open more than a year fell 1.8%. Although Arcadia said that its younger fashion brands such as Miss Selfridge and Top Shop were trading well, like-for-like sales for the wider group were down 4.4% in the first 12 weeks of the new financial year. However online sales rose 27%.

Margins fell 1.8 % as the company opted to absorb rising costs instead of passing them on to its customers.

Sir Philip Green blamed much of the performance on the weather telling Sky News that last year's cold winter and this year's warmer autumn weather had impacted on sales. He said: "On top of everything we haven't had a cold day yet - it's tough to sell with no seasonable help." 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
The HR Summit 2019
The HR Summit 2019
Tuesday 8 October 2019
The Cavendish Conference Centre, London W1
The 11th HR Summit 2019, The Cavendish Conference Centre, London W1, 8 October 2019
AI in Retail Conference 2019
AI in Retail Conference 2019
16 October 2019
Cavendish Conference Center, 22 Duchess Mews, London W1G 9DT
Digitally native competitors and demanding customers are forcing a new perspective in retail. AI and machine learning can help you step up to the challenges; and some ‘small and beautiful’ solutions can increase your conversion rates within just a few weeks.
Payment Roundtable 2019
Payment Roundtable 2019
6 February 2019
The Cavendish Conference Centre, 22 Duchess Mews, London W1G 9DT
The Retail Bulletin Payment Roundtable will raise debate and discussion centred on but not exclusive to improving the in-store payment process