Arcadia reports massive losses as scale of group’s problems revealed

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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”.

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