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Profits and sales up at Arcadia

Profits at Topshop owner Arcadia grew 1.6% to £293.3 million for the year to September 1, as sales rose 5.2%

Like-for-like sales rose 2% over the period across the group, which owns the Topshop, Topman, Miss Selfridge, Dorothy Perkins, Burton, Wallis and Evans chains. Like-for-like sales for the first seven weeks of the new financial year were up 1%.

Arcadia owner Sir Philip Green said that the performance represented was creditable when set against a background of one of the worst "non-summers" in many years.

He said: "In spite of the poor weather the brands continue to be managed in a efficient way. Their focus has been on maintaining clear stock positions by working with our extensive supplier base to ensure speed to market and newness of product for the customer. Our efficiency has resulted in excellent cash generation, which enables us to continue to invest funds in both refurbishments and new space."

Green added that the group planned to open more than 300,000sq ft over the next year including 70 outlets internationally.

Operating profit rose 1.6% to £293.3m, from £288.6m the year before with total sales up 5.2% to £1.86 billion. Gross margin was up 0.2% while EBITDA was £354.4m, up £8.9m.

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