Philip Green’s Topshop empire plunges to loss

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Sir Philip Green’s Topshop retailing empire plunged to loss last year, blaming a “dramatically” changed retail landscape and increased competition.

The business, which also includes Miss Selfridge and Dorothy Perkins, has since agreed a rescue deal with its creditors that triggered 48 store closures.

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 reflects “the ongoing challenging global market conditions for retailers”, the company said.

The results are for Taveta Investments, the holding company of the business owned by Sir Philip’s wife Tina. 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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