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Littlewoods Shop Direct reveals losses for the year

Littlewoods Shop Direct posted a pre-tax loss of £24.2 million for the year to April 30 2007, compared to a profit of £12.4 million the previous year.

Group turnover was £1.76 billion.

The home shopping group said that it had completed a £330 million integration programme and expected to recoup the costs within four years.

Last week, Littlewoods chief executive Mark Newton-Jones said profits for the year to this April 31 would reach £50 million, driven by strong growth in online sales. Online sales are forecast to reach £500m this year.

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