The Arcadia Group has reported a 42% drop in profits for its last financial year.
Taveta Investments, home to The Arcadia Group, said it made operating profits before goodwill, amortisation and exceptional items of £124.1m in the year to 26 August 2017.
However total sales fell 5.6% on the previous 12 months to just over £1.9bn.
The group is not listed on the stock market and therefore is not obliged to file reports on its progress quarterly.
Taveta's chief executive Ian Grabiner has said this has been a "challenging time" for retail generally despite encouraging digital sales progress.
He said: "The retail environment remains highly competitive and challenging.
"Our worldwide digital sales were +11.5% v last year. The increase in digital sales is taking place at the expense of traditional 'bricks and mortar' retailing, as consumers embrace the opportunity to purchase across all the channels available to them.
“Whilst we have found headline sales and profits disappointing, we remain a strongly cash generative business and had a positive net cash balance at the year end of £157.2m."
