Sir Philip Green unveils Bhs recovery
- Published: 03 October 2007 09:10
- Author: Laura Weir
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- Last Updated: 03 October 2007 10:08
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Bhs, the department store chain owned by Sir Philip Green, has reported a 17% increase in full year pre-tax profit to £49.4 million for the year to March.
The profit hike suggests Green has kick started a recovery at the chain which last year posted a 61% slump in profits.
Total sales at the retailer rose 1.4% to £872.5m for the year. However like-for-like sales dipped by 1.5%.
Operating profit increased by 3% to £50m but in spite of the improvements at the chain Green has not taken a dividend for the third year running.
The tycoon blamed "self inflicted" mistakes in the womenswear ranges and under investment in stores for last year's downturn. However after injecting over £100m into refurbishing the chain nationwide, the revamped stores are trading well with sales 12% ahead of the main chain.
Nineteen stores will be re-furbished by the end of October and Green will accelerate the revamp programme next year.
Green added that Bhs like-for-like sales had been flat since the end of March but were up 3% over the last six weeks.
