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Green admits Bhs heading for a fall of 30%
RETAIL entrepreneur Philip Green has admitted his department store chain Bhs is heading for a fall in operating profit of at least 30 per cent this year because of harsh trading conditions.
The billionaire businessman, who last month paid his family a bonus of 1.2 billion following a solid rise in profits at his Top Shop-to-Burton fashion business, added that Bhs was not performing well.
Underlying sales at the high street chain were down by between seven and eight per cent since September, compared with a drop of 5.5 per cent in the previous six months. As a result, operating profits would come in between 75 million and 85m against 105m last year.
Mr Green put the fall down to the stores not having the right products."Basically, the product is poor and when you get the product wrong, you get punished," he added.
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Friday 25 May 2012
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