Argos Ireland reduces losses

Argos' Ireland division has reported a pre-tax loss of €153.8m for the year.

An exceptional cost of €153m of goodwill, which related to the last year's takeover of Home Retail Group by Sainsbury's, was booked during the period.

Factoring out the cost of the impairment, the company's losses were €173,000, a considerable reduction on the €2.56m loss reported the year before.  The company cites an increase in sales and a decline in net operating expenses for the improvement.

Overall revenue was up 2% to €227.5m.

Argos currently operates 40 stores in Ireland and employs approximately 1,100 staff.

Source : Insight DIY

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