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Arcadia's Philip Green Says Time To 'Up Game'

(c) Sky News 2012

Arcadia Group has reported 25% rise in pre-tax profit as its owner said businesses need to stop moaning about the tough economic conditions.

Sir Philip Green - whose family is ranked 17th on the Sunday Times UK rich list - said retailers had to adjust their business models to survive.

"We've got to trade. I can't keep listening to all these people making it up as they go along," Sir Philip told Reuters.

"We're here in the streets, we've got 45,000 staff, we've got a £500m payroll - we've got to make it work."

His company owns some of the high street's most recognisable chains, including Topman, Burton, Miss Selfridge, Evans (Other OTC: EVAN.PK - news) and Wallis.

The 60-year-old, who has an estimated fortune of £3.3bn, said it was time for retailers to "up their game".

Earlier this month, Sir Philip joined US-based reality television stars the Kardashian sisters at the launch of their clothing collection for Arcadia brand Dorothy Perkins.

He added: "If we sit there and cry and put on my front window the Bank of England said X, it isn't going to help me take any money."

The comments come after the Bank warned of years of poor economic growth and rising prices in the UK, as consumers struggle with little wage growth and Government austerity.

Arcadia reported a pre-tax profit before one-off items of £166.9m for the year to August 25, up from £133.1m last year.

But total sales across its 2,500 UK stores and 615 outlets globally were flat at £2.68bn, while like-for-like sales fell 3.2% in the UK and 0.7% internationally.

Sir Philip said he was focused on expanding in the US and growing Arcadia's global websites.

"We have focused our efforts on being efficient in both stock management and delivering newness as regularly as possible, resulting in improved markdown and margin," he said.

The entrepreneur, who bought BHS in 2000 and Arcadia in 2002, said he had not ruled out another big acquisition if the right deal came along.

"There's sort of two or three things in my head. If they ever turned up, we'd have to look at them," he said, but would not give more details.