Topshop reveals a 10.9 million pounds loss for the year to August 2017

London - High street fashion retailer Topshop has reported a 10.9 million pounds loss for the year to August 2017, as an increasing number of fashion retailers struggling amidst difficult trading conditions.

Topshop saw its profits slip from 59.4 million pounds in 2016 to a loss in 2017, according to accounts filed by its parent company, Arcadia Group, at Companies House. Topshop saw its sales drop 6 percent from 990.8 million pounds in 2016 to 933.6 million pounds in the year to August 2017.

The fashion retailer attributed part of its loss to a 12.6 million pound impairment on a fixed asset and provisions for its onerous leases. Topshop added that leases for new loss-making stores cost an additional 4.2 million pounds.

The results come one week after Arcadia Group parent company, Taveta Investments, revealed a 42 percent decline in group operating profit to 124.1 million pounds during the same period and a 5.6 percent dip in group sales to 1.9 billion pounds.

Photos: Topshop SS18