Topshop parent Arcadia Group has this morning reiterated its intention to axe up to 260 stores.
The store closure details came as the group announced a 38% drop in pretax profit to £133m in the year to 27 August.
Arcadia’s margins were also squeezed by 1.8% as it took a £53m hit from price increases.
In the first quarter of the current financial year, turnover has fallen by 4.4% from the same period in 2010.
Sir Philip Green, Arcadia’s owner, said the group has around 460 stores on which the leases expire in the next three years. On lease expiry, up to 260 will close.
The company, whose other brands include Dorothy Perkins and Miss Selfridge, operates 2,507 owned stores.
joanna.bourke@estatesgazette.com
