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Last Updated: Thursday, 28 September 2006, 10:57 GMT 11:57 UK
Green admits Bhs 'disappointment'
Bhs store
Philip Green bought Bhs in 2000
Retail chain Bhs has suffered a 60% fall in annual profits, a setback owner Philip Green said was "disappointing".

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.

'Difficult period'

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."




SEE ALSO
Green slams poor Bhs performance
16 Nov 05 |  Business
Profits and sales decline at Bhs
12 Oct 05 |  Business
Green pockets 40m Bhs dividend
13 Oct 04 |  Business

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