Bhs 'solid' despite sales slump

Published on Wednesday 8 October 2008 10:30

RETAIL boss Sir Philip Green described trading as "competitive and unpredictable" after sales at his Bhs chain fell four per cent in the past six weeks.

The update came as Sir Philip reported a 39.6 per cent fall in Bhs' operating profits to 30.2 million for the year to March 29.

He denied himself a Bhs dividend payout for the fourth year in a row.

Sir Philip famously paid himself a 1.2 billion dividend from his Arcadia clothing empire in 2005.

The chain's sales for the full year were 1.4 per cent lower at 860.3m, with like-for-like sales down 2.9 per cent.

Sir Philip said the group achieved a "solid performance in an exceptionally challenging market", adding that the results had enabled Bhs to invest 50m in capital spending in the last financial year.