LONDON — Topshop, Topman and Miss Selfridge were the bright spots on the balance sheet of Arcadia Group Ltd., which posted a 5.1 percent decline in pretax profits to 188.9 million pounds, or $337.8 million, on a 0.6 percent fall in sales to 1.85 billion pounds, or $3.7 billion, in the year ended Aug. 30.
Net profits rose 38.8 percent in the year to 164.2 million pounds, or $328.4 million, from 118.2 million pounds, or $236.4 million, but that was due to an extraordinary tax credit. Sales last year totaled 1.86 billion pounds, or $3.72 billion.
All figures have been calculated at an average exchange rate for the period.
Sir Philip Green, owner of the privately held Arcadia, said Topshop, Topman and Miss Selfridge had an excellent year with “record turnover and profit.”
In an interview, Green said Topman led the pack with double-digit sales growth in the year ended Aug. 30, while Arcadia’s mainstream brands — which include Dorothy Perkins, Evans and Wallis — had a tougher time as a result of the credit crunch and unseasonal weather conditions.
The statement added that turnover in the first seven weeks of the current financial year was down 1.8 percent.
Arcadia’s total operating profit was down 7.6 percent to 243.2 million pounds, or $486.4 million, from 263.3 million pounds, or $526.6 million.
With regard to his bid for troubled Icelandic retail company Baugur Group’s debt, Green said negotiations are still under way and he is waiting to hear back from Iceland’s government, which controls the banks that hold Baugur’s $2 billion-plus in debts.
As reported, since Green revealed he was interested in buying all or part of the debt, other investment companies, such as Texas Pacific Group, have come forward. Asked if, in buying all or part of Baugur’s debt, he could end up owning Baugur’s minority stake in Saks Fifth Avenue, Green said it was “too early to tell.”
A new Joan Rivers coffee table book, titled “Joan Rivers Confidential,” gives readers never-before-seen photos and letters of the late comedian throughout her life. “Because of her drive to always be fresh, she kept records of every appearance, every performance, all the jokes that were used on TV, all the clothes that were worn,” said Rivers’ daughter Melissa. Here, Rivers poses at the “Tonight Show” in Tracy Mills in 1985. Read more about the book and see more photos at WWD.com. #wwdeye
After a career at New York hot spots like Narcissa, Dovetail and Nix, @chefjfraser has expanded to the West Village with The Loyal, a modernized take on an American brasserie. “And as I’ve gone through my career I’ve felt some departure from that kind of simple, straightforward [cooking]. This is meant to take on the idea of ‘what if the American brasserie was invented today?’” #wwdeye (📷: @chinseephoto)
@bellahadid and @lilyaldridge at @bulgariofficial’s celebration on Friday night, toasting the brand's new Peter Marino-designed flagship on Fifth Avenue. The two-part event included a cocktail party at the store followed by a dinner at a mystery location — the Met Cloisters. #wwdeye
From overseeing America’s fastest-growing speciality retailers to codifying cool, WWD talked to the women who are leading the way for the future of beauty. Check out our Instagram Stories to see how these women built today and are creating tomorrow. (📸: @hannah_khymych) #wwdbeauty
For @laperlalingerie's spring 2018 show, the brand chose to host their event at @thevenetianmacao. With Chinese megastars @bingbing_fan and @hubing in attendance, La Perla debuted a rock ‘n’ roll-inspired collection. The show marked the start of Sands Macao Fashion Week, which runs from October 19 to 24 — the city’s first such event. Pictured here are models backstage with glimmering eyes. #wwdfashion (📷: Cheuk-Yin To)
Trending for spring 2018: top stitch design. Gone are the days of stitch just for seams — designers are using the once-minimal detail to create strong decorative elements. (📷: Paola Testa; Styled by @andrew_shang) #wwdfashion
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews