Young fashion giant Topshop reported a £10.9m loss in the year to August 2017, as high street retailers continue to face tough trading conditions.
Topshop saw profits plummet from £59.4m in 2016. Sales also dropped by 6% to £933.6m for the period, according to figures from The Telegraph.
The loss was in part attributed to a £12.6m hit from an impairment on a fixed asset and provisions for onerous leases. Leases also cost the retailer a further £4.2m
Last week Arcadia’s parent company, Taveta Investments, announced a 42% drop in group operating profit before goodwill, amortisation and exceptional items, to £124.1m, with group sales down by 5.6% year on year to £1.9bn.
Miss Selfridge, Topman, Burton, Dorothy Perkins, Evans, Outfit and Wallis are all also part of the Arcadia Group.