// Miss Selfridge swings 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 pre-tax loss in 2018 as it failed to maintain sales growth.
According to accounts filed at Companies House for the full-year period ending September 1 last year, the fashion retailer’s sales fell by more than 15 per cent to £102 million, while pre-tax losses more than quadrupled from £4.3 million recorded a year before.
The widening of losses were attributed to th £12 million in one-off costs mostly related to redundancies after colleague numbers decreased from 1188 to 300.
- Vans signs lease to occupy former Miss Selfridge flagship site
- Miss Selfridge head of merchandising departs to join Boohoo
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 overall sales swung to a £177.3 million loss last year, which included Miss Selfridge.
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.