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BHS sees profits slide

By FashionUnited

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The high street received another blow today when BHS, the department store group owned by Topshop tycoon Philip Green, reported a 34% fall in annual profits of £32.6m from £49.4m 12 months earlier.

According Like-for-like sales, which strip out the impact of any new store openings during the year, declined by 3%. Mr Green, who also owns Miss Selfridge and Dorothy Perkins, said the results were "a solid performance in an exceptionally challenging market".

Total sales at BHS were down 1.4% to £860m.

"People have still got jobs," Mr Green told the BBC's Today programme. "Yes there's going to be some shakeout...Yes the marketplace is tough, yes it's very, very competitive, yes there are concerns," he said. "But underlying business is not going to disappear, it's not a disaster."

Last Thursday, rival Marks & Spencer reported its worst quarterly sales performance for more than three years as retailers begin to suffer from the economic slowdown.

BHS employs over 12,000 employees and sees 46 million customers visit its 185 stores, including 18 franchise stores overseas.

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