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Miss Selfridge reports £17.5m loss

// Miss Selfridge swung to £17.5 loss in 2018
// In the year to September 1, the fashion retailer’s sales fell more than 15% to £102m

Sir Philip Green’s Miss Selfridge has posted a £17.5 million loss from 2018 as it failed to maintain sales growth.

In the year to September 1, the fashion retailer’s sales fell by more than 15 per cent to £102 million, while pretax losses more than quadrupled from £4.3 million a year before.

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Losses continued after more than £12 million in one-off costs mostly related to redundancies after colleague numbers decreased from 1188 to 300.

Miss Selfridge has since closed its Oxford Street flagship as part of a rescue restructure of Green’s Arcadia Group, which also owns Topshop, Topman, Dorothy Perkins, Evans and Burton.

Arcadia said Miss Selfridge will mainly sell online as customers shift to digital sales.

In May, the group said it would put the property holding companies of Miss Selfridge and Evans into administration, resulting in 25 store closures.

Meanwhile, Arcadia’s sales swung to a £177.3 million loss last year, which included Miss Selfridge.

In July, Green revealed plans to close down the Miss Selfridge flagship store on London’s Oxford Street as it headed towards a major restructure.

Arcadia’s flagship Topshop and Topman’s sales swung to a £505 million loss, as sales fell nine per cent to £846.8 million in the year to September 1.

The group, formally owned by Green’s wife, Tina Green, avoided collapse in June after its CVA proposals were approved by 75 per cent of creditors.

Arcadia’s rescue plans involves the closure of about 50 stores, 1000 redundancies and rent cuts of up to 50 per cent.

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The post Miss Selfridge reports £17.5m loss appeared first on Retail Gazette.



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