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Harvey Norman Ireland Reduces Losses

Friday, August 31 15:37:48

Harvey Norman Ireland has turned in a reduced loss of E22.3m in the year to end June bringing to E47m the combined losses in 2011 and 2012. Losses in Northern Ireland grew from £2.9m in 2011 to £3.32m in 2012 bringing the total losses over 15 stores in Ireland to E55m. Despite these losses the store chain - part of a giant 300 store Australian-based chain - is committed to further expansion in Ireland with a new store to open soon in Blanchardstown and an online retail presence by Christmas. Growing sales in the Republic by E8.02 million to E134.92 million in 2012 vs. E126.90 million in 2011 marks an increase of 6.3pc in a flat or declining market. Harvey Norman says it is "an impressive performance against the backdrop of a tough retail environment and a stubbornly flat domestic economy". Sales in Northern Ireland rose by £0.2 million (up 2pc) to £10.6 million in 2012 vs. £10.4 million in the previous year. The store chain says key divisions including technology, furniture and bedding achieved double digit growth in the year. Blaine Callard, chief executive of Harvey Norman Ireland said: "More sales, bigger market shares, an increased trading profit and a continuing steady decline in losses reflects our work in the last couple of years in making Harvey Norman a great place to shop. The group is one of the heaviest spenders on advertising in the country.