Bhs reports drop in profit

High street chain Bhs, owned by retail mogul Philip Green, has reported a drop in profits. The company said that while net sales remained static at £889.2 million for the year ended 2 April, same-store sales had fallen 3 percent. Operating profit for the year dropped 5.8 percent to £105.1 million.

The company also announced that the former marketing director of Selfridges had been appointed to the same position at Bhs. Green said the disappointing results were due to difficult market conditions and added that the company would continue its strategy of opening new stores and refurbishing existing ones.