There are so many questions about the retailer, its presumed staged divestment of BHS, its [lack of] response on the six or seven senior management departures (in 2017 alone!!), its reluctance to invest properly, its China rollout, why it continues making a loss in the US, what is happening in Ireland, and has the owner finally turned into a liability for the company... among many many others.
Taveta Investments Ltd (ultimate parent company) and its subsidiaries are providing opaque P&L accounts making any deep analysis tricky. However, top line revenues are always telling of what is happening under the surface.
So, when we have made a few estimates and so on we are surprised to find some pretty interesting numbers. For example, Topshop Oxford Circus' sales per sqft is almost £2000. This is simply astonishing, especially when compared to its New York flagship store just about nudging £600 per sqft.
There are no indications (so far) on online/digital revenue but it can quite easily be deducted that Topshop & Topman's revenues would have looked far worse than they do without it.
Is Green contemplating selling off or listing part of Topshop & Topman? In 2013 "Top Shop/Top Man Ltd" acquired the Topshop & Topman brand from Arcadia Group at a valuation of about £900m. Top Shop/Top Man Ltd has posted own accounts from 2013 showing that the Topshop/Topman brands account for about 50% of group revenues but an astonishing 75% of profits.
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