Trading unpredictable - Bhs chief

The update came as Sir Philip reported a 39.6% fall in Bhs's operating profits to £30.2 million for the year to March 29.

He denied himself a Bhs dividend payout for the fourth year in a row.

Sir Philip famously paid himself a £1.2 billion dividend from his Topshop-to-Burton Arcadia clothing empire in 2005.

The chain's sales for the full year were 1.4% lower at £860.3 million, with like-for-like sales down 2.9%.

Sir Philip said the group achieved a "solid performance in an exceptionally challenging market", adding that the results had enabled Bhs to invest £50 million in capital spending in the last financial year.

It has completed the refurbishment of a further 14 stores since the start of the new financial year, with results from those stores showing sales 9% above the rest of the chain.

Bhs has now refurbished 33 sites, including its flagship Oxford Street site.

Sir Philip added: "On a domestic front, the market remains competitive and unpredictable. The last six weeks have seen sales down 4%, reflecting not only the market but also the continued impact of the erratic weather patterns.

"However, I have been very pleased with the performance of some of our product categories."