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 I was a Woman Against Feminism too
- 2 Is Gideon Levy the most hated man in Israel or just the most heroic?
- 3 Students offered grants if they tweet pro-Israeli propaganda
- 4 The Tory donor whose firm is one of Britain’s biggest tax avoiders - with HMRC's blessing
- 5 John Barrowman praised for Commonwealth Games opening ceremony gay kiss
Vladimir Putin employs a full-time food taster to ensure his meals aren't poisoned
Peaches Geldof: Her final day – and her fatal decision
Students offered grants if they tweet pro-Israeli propaganda
Israel-Gaza conflict: Israel may have committed war crimes, says UN human rights chief
Peaches Geldof inquest: Tragic final days of mother-of-two's life reveal she lied to husband about failed heroin tests
Malaysia Airlines MH17 crash: Vladimir Putin is given 'one last chance' to end hostilities in Ukraine
The 'scroungers’ fight back: The welfare claimants battling to alter stereotypes
The truth about conspiracy theories is that some require considering
Malaysia Airlines MH17 crash: Ukrainian military jet was flying close to passenger plane before it was shot down, says Russian officer
Malaysia Airlines MH17 crash: Massive rise in sale of British arms to Russia
Malaysia Airlines MH17 crash: victims’ bodies bundled in black bags and loaded onto trains
iJobs Money & Business
£18000 - £20000 per annum + OTE £25K: SThree: SThree Group has been well estab...
competitive: Progressive Recruitment: This really is a fantastic chance to joi...
£40000 - £60000 per annum + BONUS + BENEFITS: Harrington Starr: CXL, Triple Po...
£60000 - £75000 per annum + BONUS + BENEFITS: Harrington Starr: Business Anal...