According to Companies House for Taveta Investments, Arcadia, which owns Topshop, Miss Selfridge and Burton, has revealed that its pre-tax profits slumped 79% from £172.2m to £36.8m in the year to 27 August 2016.
The Arcadia empire, owned by Sir Phillip Green, had been under pressure following the BHS administration just over a year ago which resulted in 11,000 job losses, as well as trying to keep up with other fashion competitors, such as Zara and H&M.
According to Sky News, Taveta said: “The retail industry continues to experience a period of major change as customers become ever more selective and value conscious and advances in technology open up more diverse, fast-changing and complex sales channels.
“Clothing has also become a less important part of the household budget.”
This news follows Arcadia’s Topshop Australia entering administration back on May 25.