In the year to March 31, total sales at the department store group owned by tycoon Sir Philip Green fell 1.4 per cent to£860.3 million and were down 2.9 per cent on a like-for-like basis.
Cash generation fell to£72 million from£108.2 million. The retailer increased its capital expenditure by£20million to£53 million.
Green said the performance at the retailer, which has bank debts of£63 million, was “solid” in an “exceptionally challenging market”.
"On a domestic front the market remains competitive and unpredictable. The last six weeks have seen sales down 4 percent, reflecting not only the market but also the continued impact of the erratic weather patterns," he said.
Green, who also owns the Arcadia fashion group, did not pay himself a dividend for the fourth year running.
Bhs has completed the refurbishment of 14 stores since the beginning of the financial year, resulting in a 9 per cent increase in sales above the rest of the chain. A total of 33 stores have been refurbished.
Green added that he had “been very pleased” with the performance of product categories including childrenswear, which was up 5 per cent, and home, which was up 6 per cent.
Internationally, Bhs opened a further four stores in the current year, to operate a total of 15 franchise partners operating out of 93 stores in 16 countries.
“We are looking to continue the expansion of the network”, said Green. The new international stores are performing 14 per cent ahead on a like-for-like basis since the start of the year.
No comments yet