Arcadia posts profit loss while Topshop has record year

Arcadia's profits have dipped with the British parent company recording a 2.8 per cent drop in like-for-like sales over the 52 week period. Overall sales went down 0.6 per cent.

However a major bright spot seems to be Topshop, which has experienced a bonza year, posting record sales and profits. Others to prosper included Miss Selfridge and Topman, generating a record turnover.

"Strong cash flow enabled us to invest £85m of capital in the last financial year, demonstrating our commitment to all the brands. The investment has been focussed on new space and business systems, including the internet, which is seeing strong growth in the younger fashion brands," said Sir Philip Green.

"In the year ahead we are planning, taking into account both openings and closures, to increase our net trading space by a further 210,000 sq ft in the UK. Our international trading space will increase by 126,000 sq ft, including our flagship store in New York, taking our overall number of international stores from 447 to 505," he added.

I gather then that this staying positive lark might just be working for Green and his high street machine.

[Source]

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Posted by Kimberley Foster on October 22, 2008 9:30 AM in Retail / Business news
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