Philip Green's Arcadia profit lifted by Topshop rise and BHS sale

British retail tycoon Philip Green’s Arcadia yesterday reported a 5% rise in annual profit, helped by expansion of its Topshop chain and the sale of the loss-making BHS chain.
Philip Green's Arcadia profit lifted by Topshop rise and BHS sale

The group, which also owns the Topman, Miss Selfridge, Dorothy Perkins, Wallis, Evans, and Burton brands, made an operating profit before goodwill and exceptional items of £251.6m (€357.7m) in the year to the end of August, up from £238.4m in the previous year.

The results are for continuing operations only and, so, benefit from the absence of the heavily loss-making BHS chain which Green offloaded to Retail Acquisitions in March.

Arcadia’s total sales were broadly flat at £2.07bn, with sales at UK stores open over a year down 0.9%.

Green, who has twice tried and failed to buy Marks & Spencer, called it “a robust performance in challenging times”.

Arcadia ended the year with cash deposits of £229.1m. However, for the 10th successive year, Green did not pay a dividend.

In 2005, he took on additional debt and paid his Monaco-resident wife Christina, the ultimate owner of Arcadia, a £1.2bn dividend.

Topshop/Topman opened five wholly owned new stores in the US in the 2014-15 year.

Some 34 new overseas franchise outlets for Topshop/Topman were also opened and 45 across the group’s other brands.

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