Topshop owner Green in €188m loss
British retailer Philip Green’s Topshop-to-Dorothy Perkins fashion empire has reported an after-tax loss of £169m (€188m) for the year to the beginning of this month, blaming it on a trading environment that had changed dramatically.
Arcadia Group — which is ultimately owned by Mr Green’s family — staved off collapse in June when its creditors narrowly approved a plan to close stores, cut rents, and change pension scheme funding.
Accounts filed by holding company Taveta Investments Ltd showed turnover fell 4.5% to £1.81bn, while operating profit fell to £78.1m from £124.1m a year earlier.
It recorded exceptional items of £217m, contributing to the £169m loss, which compared to a profit of £49m a year earlier.
Auditor PWC noted in the accounts there were a number of matters, including Britain’s exit from the EU, that might cast “significant doubt” about the group’s ability to continue as a going concern.
But the group said after coming through a challenging year, it was very clear on its strategic direction.
