Tycoon admits being 'distracted'
Retail tycoon Philip Green has predicted a profit slide at struggling department store Bhs this financial year.

Green blamed wrong product choice in the store and a lack of personal commitment for the expected drop off.

He told BBC Radio 5: 'When you haven't got the merchandise right - customers don't want to buy it, or want to buy it cheaper.' He added that Bhs is heading for a 30 per cent fall in operating profit because of tough trading conditions. 'Some of the merchandise isn't right and the market is very tough,' he said.

In October, Bhs reported total sales of£889.2 million for the year to April 2, with operating profits falling 5.8 per cent to£105.1 million.

Green, who paid his wife Tina a£1 billion dividend from Arcadia last month, told the Financial Times: 'Sales are down, product is off the boil and I am happy to fix it.'

He added: 'Basically the product is poor and when you get the product wrong, you get punished. I have not been engaging with Bhs. I have been distracted when the market is a lot more tough. I am happy to take ownership of it.'