Phillip Green's fashion emporium resents from 16 percent profit loss in 2016

Profits have fallen at Sir Philip Green’s fashion emporium. Concisely, Topshop’s owner’s holding company is still resenting from the collapse of BHS, having noted a 16 percent decrease in annual profits for 2016.

Taveta Investments, a holding which includes the billionaire’s Topshop, Dorothy Perkins and Miss Selfridge brands, is expected to report a 2.5 percent drop in sales to 2.02 billion pounds for the year to August 2016, reports ‘The Guardian’. Operating profits dropped substantially (-16 percent) to 211.2 million pounds. Since the company reported to have filed its full accounts with Companies House last week, further information about its performance will be available in the coming days.

BHS collapsed in April 2016, a year after Sir Philip sold the business for 1 pound to Dominic Chappell. This year, in February, Sir Philip agreed to pay 363 million pounds to cover BHS’s pensions after various Parliament Members questioned the retailer’s failure. Meanwhile, Taveta Investments, the parent company of Arcadia Group, is going through a reorganisation in a bid to revive some of its high street brands.

Despite the decrease in profits, Taveta managed to keep its cash reserves with no changes, at 223 million pounds. The company did not pay a dividend.