Profits at Sir Philip Green’s retail empire have plummeted 42% as the group axed more than 40 stores in the face of the brutal conditions on the high street.
Taveta Investments, the company behind Topshop-owner Arcadia, booked operating profits before goodwill, amortisation and exceptional items of £124.1m for the year to August 26, 2017.
This was down from £215.2m for the year before.
The Times said that the retail group has struggled with the fallout from the collapse of BHS at a time of intense competition.
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