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”.

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