Topshop parent Arcadia suffers 40% slide in profits

UK retail mogul Sir Philip Green today said his retail empire had seen a near 40% slide in profits as chains including Top Shop and Miss Selfridge chose not to pass on increasing costs to cash-strapped customers.

Arcadia Group, which also includes BHS, Burton and Evans, reported underlying pre-tax profits of £133.1m (€154.6m) compared with £213.1m last year, as like-for-like sales including VAT fell 1.8%.