Irish arm of Argos posts €154m annual pre-tax loss

The Irish branch of UK retailer Argos last year recorded a pre-tax loss of €153.8m as a result of an exceptional cost.

The loss arose from the firm booking a €153m impairment of its entire goodwill as a result of a review of the business in the light of the recommended offer by Sainsburys for the purchase of the owner of Argos, the Home Retail Group.

Before the exceptional cost is taken into account, Argos Distributors (Ireland) Ltd’s losses last year reduced sharply going from €2.56m to €173,000.