Sir Philip Green’s retail empire shows no sign of recovery as Topshop announced on Friday annual losses of more than £169m compared to £49.4m profit for the same period last year. Overall the group’s turnover fell by 4.5% to £1.8bn.
The group blamed the challenging global market conditions as well as increased competition.
The company said, “After coming through a challenging year, we are now very clear on our strategic direction.”
“We have some of the strongest brands in the fashion market, and we are confident that we will deliver on our recovery plan, improve the way we work and win the hearts and minds of more and more customers.”