Arnotts ‘back on a sound footing’

THE new management team at Dublin retailer Arnotts has said that the business is back on a sound footing, with its latest financial year set to show a return to sales growth.

Such a result would follow a year when the department store operator came under the control of its main lenders and incurred after-tax losses of just over €295 million.

Financial statements, just filed with the Companies Office, show that Arnotts’ operating losses — during the 12 months to the end of January 2010 — increased by €1.1m to €9.2m, after-tax losses amounted to €295.1m, and group turnover fell by 25% to €120.7m.