The Irish unit of retail giant Argos last year almost tripled its pretax profits to €16.8 million, new returns show, writes.
According to accounts filed with the Companies Office, Argos Distributors (Ireland) Ltd increased its pre-tax profits from €5.4 million to €16.8 million to the end of February last.
The increase was in spite of the UK-owned catalogue retailer sustaining a 13 per cent drop in turnover from €315.3 million to €273 million.
The directors state that the drop in sales “was primarily due to the current economic climate and resulting retail downturn and this despite the opening of two new stores in Portlaoise and Sligo”.
The company operates 38 stores in the State. Operating profit more than doubled last year from €13.3 million to €30.5 million.
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