Green appoints chief exec to run clothing empire Arcadia

City A.M. Reporter
RETAIL magnate Sir PhilipGreen yesterday appointed a full-time chief executive to run clothing business Arcadia. <br /><br />Green said he had hired Ian Grabiner, Arcadia&rsquo;s chief operating officer, as chief executive, as he warned of a tough Christmas on the high street. <br /><br />And the tycoon &ndash; who is adamant that the shake-up will not see him take a back seat &shy;&ndash; also appointed his stepson Brett Palos to the board.<br /><br />The overhaul was announced as the retail group posted a 13 per cent increase in full-year profit along with solid current trading and said it had significantly cut its debt.<br /><br />The group, which owns the Topshop, Topman, Miss Selfridge, Burton, Wallis, Dorothy Perkins and Evans brands, made a pre-tax profit of &pound;213.6m for the year to 29 August, up from &pound;188.9m in the previous year.<br /><br />That was achieved on sales up 2.7 per cent at &pound;1.90bn, despite what Green called &ldquo;one of the most challenging retail landscapes that I have seen&rdquo;.<br /><br />Like-for-like sales at UK stores level on the previous year and were up 2.3 per cent in the first seven weeks of the new financial year. A