Losses narrow at Irish arm of Debenhams
Published 30/01/2016 | 02:30
Losses narrowed last year at the Irish arm of UK retailer Debenhams as the company recorded slightly higher revenues and falling cost of sales.
According to new accounts filed in the Company’s Office, the firm recorded a full year loss of €6.7m in the year to the end of August 2015, down from €8.6m reported in the previous 12 months.
Turnover rose to €166.5m compared to the €163.6m, while cost of sales fell from €163.2m to €162.3m.
Distribution and adminstrative expenses also both rose during the year increasing from €6.7m during the 2014 financial year to €8.3m in the subsequent 12 months.
Employment costs, including wages and social welfare expenses, remained static at €33.9m. The firm employed an average of 1,635 people during the year compared to an average of 1,681 in 2014.
Debenhams Ireland did not pay a dividend during the year. In 2013 it paid a €54.8m dividend to its parent company in the UK despite the fact that it was loss-making.
Debenhams operates 11 department stores across Ireland in locations including Dublin, Cork and Limerick. The majority of the outlets were acquired from the Roche family in 2006 when the UK retailer acquired Roches Stores.
The group operates 240 stores across 28 countries
Debenhams Ireland had not responded to a request for comment at the time of publication. Shares in Debenhams are up by about 15pc this month after the group’s Christmas sales beat expectations.
Like-for-like sales rose by 1.9pc, much stronger than the expected 0.3pc growth.