Losses rise by 21% at Debenhams Irish division

Pre-tax losses at the Irish arm of UK retailer, Debenhams last year increased by 21% to €8.4m, new figures show.

According to accounts just filed by Debenhams Retail (Ireland) Ltd, the firm recorded the increased losses in spite of revenues increasing marginally from €162.1m to €163.5m in the 12 months to the end of last August.

The chief factor behind the increased losses was the firm’s net interest payable and similar charges jumping from €197,000 to €2.42m. The jump in those costs arose from a loss of €2.2m on foreign exchange transactions. The directors state that the external environment for Debenhams in Ireland is expected to remain challenging in 2015.