UK's leading fashion retailers Arcadia and Debenhams have reported pretax profits for the year ended August 29.
Sir Philip Green's Arcadia reported an increase of 13 per cent in pre-tax profits to £213.6 million, while Debenhams said its pretax profits soared 13.7 per cent to settle at £125.2 million during the year ended August 29.
Arcadia runs Wallis, Evans, Topshop, Topman, Miss Selfridge, Burton and Dorothy Perkins chains, while Debenhams operates John Rocha and Jasper Conran chains.
Sir Philip Green has plans to launch Topshop in France, Italy and China in the recent future.
Sir Philip Green said that the approaching time would be hard. He added, "The VAT increase, unemployment and a general election will all impact upon the market."
Sir Philip's stepson Brett Palos has also became a member of the board.
Administrative and distribution cost-cuts during the downturn helped the retailers report rise in pre-tax profits.