Sir Philip Green’s Arcadia has seen sales increase but profits fall, according to the Telegraph. Increasing competition and the changing environment for retail were factors identified by Sir Green that caused the decline in profits.
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Shops included under the banner of Arcadia and Taveta, which owns the brands are Topshop, Topman, Wallis, BHS and Dorothy Perkins. He runs a total of 2, 300 shops in the United Kingdom.
Although the results seemed disappointing, Sir Green said he was happy that the company generated a large amount of cash, “against a background of ongoing challenging global market conditions.”
“The retail industry continues to be fast changing. The number of channels through which customers choose to purchase and engage with us continually evolves, thus increasing the complexity of our operations and our need for efficiency and speed to market.”
While he pointed out strength in Dorothy Perkins, BHS is a challenged operation, and the company now trying out offering food. Topshop and Topman has expanded overseas, with the flagship Topshop store on Fifth Avenue. However, while stores are opening overseas, shops close in the U.K.