Sep 6, 2019
Philip Green's Topshop empire plunges to loss
Sir Philip Green's Topshop retailing empire plunged to loss last year, blaming a "Dramatically" changed retail landscape and increased competition. The results for the year to 1 September 2018 show a loss of £169.2m compared with a £49.4m profit a year earlier. Turnover fell 4.5% to £1.8bn. The fall in turnover reflect "The ongoing challenging global market conditions for retailers", the company said. If exceptional items and other one-off costs are stripped out the company made an operating profit of £78.1m, down from £124.1m a year earlier. "After coming through a challenging year, we are now very clear on our strategic direction," the company said.
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