UK: Bhs Posts Record FY Profits
High-street retailer Bhs has reported a 5.8 per cent year-on-year increase in full-year operating profits to a record £111.6 million.
Total sales for the year ended 27 March increased 0.9 per cent to £889.8m. Although underlying sales remained flat during the year as a whole, the last six weeks have seen a like-for-like sales increase of 1.3 per cent.
Bhs owner Philip Green said the improved results were due "in large part to the continued loyalty, commitment and passion shown by our 14,000 people."
Green said that the retailer was winning its battle against struggling competitor Marks & Spencer, which Green unsuccessfully attempted to take over earlier this year. M&S yesterday reported disappointing sales results.
Bhs operates retail outlets at almost 100 locations throughout the UK selling clothing, shoes and accessories as well as a variety of furnishings and appliances.
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