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Arcadia's Irish losses widen as customers face 'testing times'

Losses at the Irish arm of Arcadia Group widened to £1.7m in 2015 from £762,000 the year before as it incurred an exceptional charge related to lease provisions.

Revenues at the unit fell 9.7% to £17.6m for the 12 months to the end of August 2015, the Irish Independent reports.

The company said its customers continue to face “testing times” because of economic conditions.

“During the year, turnover declined 10% as all brands found trading conditions in Ireland extremely difficult,” said the directors of the Irish firm. “To counteract this decline in performance, the company sought to reduce costs wherever possible.”

“The current retail environment is very challenging as competitors seek to attract value-conscious customers using a variety of routes to market,” the directors added.

The company said that it incurred a £726,000 exceptional charge related to the movement on a provision against the future leasing obligations of the company’s loss-making stores.

 

 

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