Profits down at Arcadia
Sir Philip Green's Arcadia hit by credit crunch
Sir Philip Green’s Arcadia, which includes Topshop, Miss Selfridge and Dorothy Perkins, is being hit by the credit crunch, with operating profits for 2008 down by 6%.
Although the company still made £275.3million this year, Green says ‘it’s a tough market place’ and that all retailers will ‘have to work harder’ moving forwards.
Actual sales in Sir Philip’s stores are only down 2.8% year-on-year, but costs of openingnew storespush the operating profits figure lower and will have an impact on the business as the credit crunch bites.
Topshop remains the jewel in the Arcadia crown, although it’sTopmanwhere sales growth has been most dramatic.
The real question on everyone’s lips, however, isn’t to do with Green’s current portfolio of brands, but whether he’s about to snap up any more – namely stores owned by troubled Icelandic group Baugur, which includeKaren Millenand House of Fraser.
Video: Skies of Arcadia - Boss Battle [Extended w/ DL Link]
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