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 Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
- 2 Frank Lampard equalises for Manchester City against Chelsea: how Twitter reacted
- 3 Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
- 4 Free U2 album: How the most generous giveaway in music history turned PR disaster
Rihanna 'nude photos' claims emerge on 4Chan as hacking scandal continues
Kim Kardashian 'nude photos' leaked on 4chan weeks after Jennifer Lawrence scandal
Jennifer Lawrence leaked 4Chan sex video branded 'fake' by forum users
Gabrielle Union contacts FBI over nude 4Chan pictures leaked by 'vultures'
Jennifer Lawrence 'naked sex video' will be leaked next, threatens 4Chan celebrity photo hacker
Scottish independence referendum: A nation divided against itself
Scottish referendum results: Cross-party consensus collapses amid Tory-Labour spat on the 'English question'
Scottish independence: David Cameron is becoming the 'George Bush of Britain'
Hilary Mantel 'should be investigated by police' over Margaret Thatcher assassination story, says Lord Bell
Plebgate MP Andrew Mitchell called officer a 'little s**t', claim court documents 'exposing ex-Chief Whip's 'record of abusing police'
Archbishop of Canterbury admits doubts about existence of God
iJobs Money & Business
£400 - £450 Per Day: Clearwater People Solutions Ltd: **URGENT CONTRACT ROLE**...
Up to £100k or £450p/d: Saxton Leigh: My client is a leading commodities tradi...
£320 - £330 per day: Ashdown Group: The Ashdown Group have been engaged by a l...
To £75,000 + Pension + Benefits + Bonus: Saxton Leigh: My client is looking f...