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Brand’s Topshop New York flagship to be performing ahead of plan
Arcadia Group (London), owned by Sir Phillip Green, announced its sales grew 2.7 percent to $3.13 billion and pre-tax profits rose to $352.4 million for the year ended August 29. Same-store sales came in flat over the period, but the company says the new financial year has started well with current trading in the past seven weeks up 2.3 percent. The results do not include department store retailer Bhs, which became part of the Arcadia Group in July.
Arcadia’s young fashion brands Topshop, Topman and Miss Selfridge drove sales, with each reporting record years. Green says the brand’s Topshop flagship, which debuted in New York in April, was drawing strong sales.
He added that the VAT increase, unemployment and the general election will continue to put pressure on retail and that he remains cautious for the year ahead.
In additional news, the company named chief operating officer Ian Grabiner to the post of chief executive of the group.
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Arcadia Group is the UK's largest privately owned clothing retailer with more than 2,500 outlets. They seven of the high streets best-known fashion brands as well as the shopping concept Outfit, each with its own distinctive identity and market segment. Finally, an increase of their sales is a great news to hear cause of that they could keep their employees from their company and their family will be saved from poverty. Hopefully, their success will continue. Congratulations! Yochanan Berkowitz