Philip Green plans to refurbish up to 20 Bhs stores in the coming year, as he continues his turnaround of the department store chain.
Green, who took control of the ailing store group in 2000, invested£12 million refurbishing 10 stores in the year to March. He said he will overhaul 15 to 20 shops this year. Another two or three new outlets are planned, but he 'doesn't know where' yet.
The Arcadia owner, who last month revealed record-breaking performance at the Top Shop to Wallis group, reported another record at Bhs - operating profit up 5.4 per cent to£105.5 million for the period. Sales moved ahead 0.7 per cent to£882.2 million.
'We continue to develop our supply chain and speed to market,' says Green. 'This is supported by our retail model, which is constantly being refined. This attention to retail disciplines has resulted in strong cash generation and enabled us to start a major store refurbishment programme.'
Green said stock could now be turned around in six weeks, creating more 'newness' in stores, but that there were no plans to introduce Arcadia fashions to Bhs.
Older boys' and girlswear, along with lingerie, were among the star performers within the own-brand-driven assortment.
Green was bullish about flat like for likes scored over the year. He said: 'My gauge is, are we making any more money?' However, he pointed to a 1.6 per cent comparable store sales pick-up in the 31 weeks of this year.
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