Financial highlights

  • Robust headline cash generated of £297.4m (£383.1m last year).
  • Total Group operating profit before goodwill of £190.4m.
  • Total Group pre tax profit of £133.1m.
  • The margin was down -1.8% points v last year (equal to £52.4m).
  • Total sales of £2,682.5m.  Total UK VAT inclusive like for like (LFL) sales were -1.8% on last year.  E-Commerce sales grew by +27% while the underlying retail LFL was -4.3%.
  • Continued capital investment in the business with expenditure of £112.8m.
  • Year End Bank debt of £444.5m (1.5 times headline cash generated).

Commenting on the announcement Sir Philip Green said:
“Given the very challenging conditions both in the UK and around the world, I am pleased to report cash generation of £297m.

We remain a strongly cash generative business, enabling us to continue to invest in all of our Brands.  We have invested £113m in the last financial year, bringing our total investment over the last 5 years to in excess of £550m.

We have seen a small reduction in like for like sales together with a 1.8% margin loss, having decided to maintain our prices and not to pass on any increases to our customers, absorbing such increases at a cost to the Group of £53m.  Costs have continued to be controlled tightly.

The Group employs some 44,030 people across our different brands and we now operate 2,507 owned stores. We remain excited by our developing International business with 600 franchised outlets now operating in 36 countries, with 21 having been opened in the last year. Our second USA store opened in Chicago in September and our third in Las Vegas is due to launch in March 2012.

Trading conditions remain extremely challenging, with style, quality and value at the top of our agenda and more important than ever.  Additionally, the warmest October and November on record have made Autumn trading much tougher.  Current trade sees total VAT inclusive LFL sales down -4.4% for the first 12 weeks of the new financial year, with our internet sales being +21%.  Our young fashion brands TOPSHOP, TOPMAN and Miss Selfridge are trading positively.

Finally, in these very tough times, I would like to thank all Arcadia and Bhs personnel for their commitment, energy and enthusiasm and our customers for their continued loyalty in shopping across our various high street brands. ”

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Notes to Editors:

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