UK: Arcadia FY profits up 25% despite flat sales
- FY pre-tax underlying profit up 25% to GBP166.9m
- Sales fractionally down at GBP2.679bn
- Total like-for-like sales down 0.7%
Fashion retail group Arcadia overcame “very challenging conditions” in the UK and around the world to deliver full-year, pre-tax profits before exceptional items up 25% on last year.
Total sales were predominantly flat, but underlying UK retail like-for-likes fell 3.2% and total like-for-likes declined by 0.7%.
However, e-commerce sales were up 22% and the company highlighted its continued international expansion, underlined by its current total of 615 franchised outlets operating in 39 countries.
Arcadia owner Sir Philip Green said new stores in Sao Paulo and Vancouver had recorded strong opening performances, adding: “It is our intention to continue to drive expansion strongly in both our USA-owned stores and in our international online business in the year ahead.”
Trading conditions remained challenging, he said, announcing that Arcadia had recorded like-for-like sales up 0.7% in the first 10 weeks of the new trading year, with positive margins.
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