Arcadia posted large losses and sales fell, while costs occurred from its battle with landlords bit into profitability, its latest full-year accounts disclose.
The accounts for the 53 weeks to September 1, 2018, posted today on the Companies House website, show the struggling retailer reported losses before tax of £177.3m, down from a pre-tax profit of £53.5m the previous year.
The group also saw turnover fall 4.5% to £1.8bn for the period, down from £1.9bn the previous year.
Arcadia’s EBITDA also plummeted by 29% down to £137.9m, driven by the retailer incurring what exceptional costs during the period of £217.1m, which it blamed on “fixed asset impairment and provisions for onerous leases”.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.