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Debenhams cuts Irish losses

Debenhams has narrowed losses in its Irish arm by 21% to €6.7m (£5m) as sales increased.

Debenhams Cork

Debenhams, Cork

For the year to August 29 the firm’s pre-tax losses fell from €8.6m (£6.5m) to €6.7m (£5m), while sales were up from €163.58m (£124.37m) to €166.5m (£126.5m).

Debenhams, which has 11 stores in Ireland, said the “external environment” for the business is expected to remain challenging in 2016.

Having paid a dividend of €54.8m (£41.6m) in 2013, it did not pay out in 2014 or in 2015.

A statement added: “After reviewing current performance and detailed forecasts, taking into account available bank facilities and making further enquiries as considered appropriate, the directors are satisfied that the company has reasonable resources to enable it to continue for the foreseeable future.”

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