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Business News

Bhs slashes annual losses

The store group Bhs sharply reduced its losses last year.

Its owner Sir Philip Green, the tycoon, said the addition of his Wallis, Evans, Dorothy Perkins and Burton brands into 180 Bhs stores had helped improve its performance.

It also benefited from lower exceptional costs related to the merger between Bhs and Sir Philip's Arcadia fashion group the previous year. Pre-tax losses came in at £7.24m for the year to 28 August 2010, after a loss of £62.11m for the 74 weeks to 29 August 2009. Sales fell to £794.88m from £1.12bn. Sir Philip said: "Most people will tell you it is a tough market place at the moment."