Irish losses fall by over 9% at Harvey Norman

Harvey Norman has edged closer to profitability in Ireland, with annual losses here falling by over 9%.

Ireland has traditionally been a tough market for the Australian retailer, and latest figures show it generated a loss in the Republic of €22.3m for the 12 months to the end of June. That loss, however, was down by 9.1% on the 2011 loss figure of €24.54m.

Furthermore, it represented a second consecutive year of narrowing losses, with management saying the business is on the path to profitability. However, given continually muted consumer spending levels, the company has not identified a timeframe for returning to profit here.