Philip Green, the billionaire owner of Bhs, yesterday took full responsibility for the department store chain's profit warning, vowing to work harder to 'sort it'.
?As far as I?m concerned the buck stops with me, happy to own it, happy to sort it,? he said.
Monaco-based Mr Green, who also owns the successful Arcadia fashion group, said his forecast that Bhs?s year to the end of next March operating profit would slip to ?#60 million plus? from #105 million last time and admission that underlying sales had fallen 7-8 per cent since September ?is annoying but not life threatening?.
The profit alert was blamed on tough trading conditions, unseasonally warm autumn and early winter weather, and a product offer not as good as previous seasons.
Mr Green, who bought Bhs for just #200 million in 2000 and last year tried and failed for a second time to buy Marks & Spencer, denied he had described the retailer?s offer this season as poor but conceded ?certain product we haven?t got in the right box?.
And he confirmed that the buying directors for children?s wear, ladies? wear and lingerie had recently ?moved on?.
He added: ?Home is good, children?s wear is getting better, men?s wear is very steady. You have bad seasons, that?s how it goes. This is year six, we?re entitled to get one season wrong aren?t we??
Mr Green says he can get Bhs back on track next year. ?Once we get to spring and get the stock sorted we?ll be on our way,? he said. He plans to devote more of his energies to Bhs, adopting a more ?hands-on? approach. And despite the anticipated profits shortfall, he stressed he is still growing the Bhs business.
