Retail chain Bhs has suffered a 60% fall in annual profits, a setback owner Philip Green said was "disappointing".
Philip Green bought Bhs in 2000
Pre-tax profits at the fashion and homeware business fell to £42.2m last year from £106.7m in 2004-5, the second successive year profits have dropped.
Mr Green blamed the poor performance on mistakes with its womenswear range of clothing but stressed that items currently on sale were doing better.
Mr Green, who tried to buy M&S in 2004, owns other retailers such as Top Shop.
Mr Green said he would not be paying himself a dividend after the fall in profits, the second year in a row he has declined to do so.
Like-for-like sales, which exclude new store openings and are considered a key measure of retail performance, fell 7% in the year to April.
Overall sales dipped 1.8% to £860.5m
"The results for the last financial year are obviously disappointing," he said. "This has been a difficult period for the business."