Sir Philip Green was doggedly upbeat about the prospects for British retailing yesterday, in spite of a 40 per cent slump in operating profits at his BHS clothing and homewares chain.

The retail billionaire, chewing on grilled chicken and salad at his offices just off Oxford Street in central London, was resolute in his refusal to be glum about Christmas, even after warning in April that these were "some of the toughest markets I've ever seen".