Debenhams halves losses in Ireland but still struggles
THE Irish arm of department store Debenhams narrowed losses last year but remained mired in red ink as the retail industry continued to struggle.
Accounts just filed for Debenhams Retail (Ireland) Limited for the year to September 3, 2011, show the company posted a pre-tax loss of €6.1m on turnover of €166.5m.
The loss was almost half the €12.1m loss recorded a year earlier while turnover fell marginally year on year. A tax credit cut the final loss to €4.7m.
The losses tally with a consumer market that has now been slumping for more than four years. The company said it expected the "external commercial environment" for the business to remain "challenging".
Retained profits at the company fell to €8.6m, and are now down about two-thirds on two years ago when they topped €25m.
The company spent €1.1m on restructuring during the period, far less than the €10.6m set aside in 2010.
Staffing across the group's 11 department stores fell by 39 but wages and salary costs dipped by about €2m excluding redundancy costs.