Operating losses at Irish arm of Laura Ashley fall to €63,600
THE Irish arm of retailer Laura Ashley narrowed its operating losses to €63,600 from €280,000 in its last financial year even as revenue tumbled by a quarter to €7.1m. The directors of the firm said they considered the company's position to be "satisfactory".
Accounts just filed for the British firm's Irish subsidiary reveal the performance for the 12 months to January 28 compared to the previous financial period. The company has a handful of outlets here, while its products are also sold through House of Fraser in Dublin's Dundrum Shopping Centre.
The accounts also show the company recorded a final profit for the latest financial period of €39,500. That compared to €156,100 the previous year.
However, that profit recorded in 2011 was flattered by a €790,000 gain from the sale of property, plant and equipment. The company paid a €1.6m dividend to its parent in 2011, but nothing in the last financial year.
The Irish unit's operating expenses fell last year to roughly €4m from €5.3m a year earlier.
It has 211 outlets in the UK as well as more than 250 franchised stores abroad.