High street fashion leader continues to grow
Philip Green's Arcadia group unveiled a stellar set of interim results this morning, for the 52 weeks to August 27, cementing its position as a fashion sector top performer.
Pre-tax profit was up to£252.8 million, compared with profits of£246.3 million last year. Operating profit was also up 10.1 per cent from£296.3 million, while like-for- like sales during the period increased by 1.3 per cent.
Green (pictured), who will get most of Arcadia's final share dividends of£1.3 billion, said this morning: 'I am delighted to announce that our third year has again produced an excellent set of results. The market remains challenging and extremely competitive, but I believe our mix of brands will enable us to compete at the highest level.'
Arcadia has 48 store openings planned for the year, with the creation of 1,500 jobs. The group already employs 30,000 people.
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