Britain's second-biggest clothing chain, Arcadia Group, fresh from closing a large number of high-street shops, today announced further rationalisation as half-year earnings swung back into profit.
The fashion chain, which saw profits wiped out last year because falling sales could not be revived with lower prices, said it would concentrate on six top performing brands, including Dorothy Perkins and Top Shop/Top Man, which contribute more than half of its trading profits.
Menswear chain Burton and womenswear chains Evans, Miss Selfridge and Wallis will also stay, new chief executive Mr Stuart Rose said, but Warehouse and Principles are to be sold.
Arcadia shares jumped 13 per cent to 218p this making Arcadia Europe's best-performing retail stock with a six-month gain of 350 per cent.