Even Sir Philip Green is feeling the pinch
Monday 21 November 2011
In a sign of just how tough conditions are on Britain's high streets, Sir Philip Green is expected to report this week that his retail empire has seen its profits slump by about a third.
The Arcadia group, which includes the Topshop and Bhs brands, is expected to report a pre-tax profit of between £140m and £150m for the year to the end of August, compared with £213m last time. The company, which also owns the Dorothy Perkins, Wallis, Burton, Miss Selfridge and Evans chains, is expected to say that sales have deteriorated further since the end of its financial year, because a mild autumn has combined with rising economic gloom, reducing shoppers' appetite for warm winter clothes.
Most retailers have been forced to slash prices in the hope of shifting stock, which has meant they need to sell even more goods if they are to maintain their earnings.
Arcadia is the latest in a series of major retailers to report falling sales in recent weeks. Mothercare and French Connection both saw their share prices dive after unveiling disappoint trading figures.
Carphone Warehouse recently called time on its 11 Best Buy electrical stores in the UK, while Comet was sold to the turnaround specialist Opcapita for just £2.
- 1 Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
- 2 Maisie Williams has an excellent message for one confused fan
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Tampon tax scrapped in Canada after petition convinces conservative government
- 5 Kate Moss on the naked Calvin Klein shoot and the obsession that ended her relationship
Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
Maisie Williams has an excellent message for one confused fan
Archaeologists discover 2,400-year-old gold bongs in Russia
Tampon tax scrapped in Canada after petition convinces conservative government
Migrants in Kos: Photos show real tragedy after British tourists complain of 'awkward' holidays
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
A nation of inequality: How the UK is failing to feed its most vulnerable people
Australian man punched in the face for defending Muslim women from abuse on train
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...