Arcadia reports massive losses as scale of group’s problems revealed
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”.
Subscription content
Please sign in now if you have a subscription or are already registered with us.
Register for free to continue reading
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:
- Two free article views per calendar month on Retail-Week.com
- Detailed analysis of current trends and events
- Exclusive newsletters
- In-depth reports, videos, interviews and much more
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.