Sir Philip Green’s retail empire reels from BHS closure and Topshop fall

Accounts show pre-tax profits tumbled to £36.8m in the year to end of August 2016, with total turnover down 17%

Sir Philip Green’s retail empire suffered a worse than expected 79% fall in profits last year as it reeled from the closure of BHS and a tough fashion market, during which Topshop’s UK sales fell for the first time in more than a decade.

The company said it faced competition from new fashion retailers at a time when clothing had become a less important part of the household budget.

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