Euro General reports a €1m pre-tax loss
Euro General has reported a €1 million pre-tax loss last year. Expansion costs and a €1.25m write-off in a subsidiary resulted in discount retailer, Euro General going into the red last year.
The Irish discount stores owns 80 retail outlets in Ireland and employs over 600 people.
CEO of the discount group Charlie O’Loughlin opened his first store on Dublin’s Moore Street in 1990. The expansion contributed to revenues rising from €60.74m to €68.5m for the 12 months ending March 10th.
The group said net assets as of May 10th, 2015 amounted to €17.4 million, as against €18 million a year earlier.
Staff costs, including wages and salaries, amounted to €11.2 million, versus €10.4 million in 2014.
According to the directors, the results for the year and the position of the group at the balance sheet date are satisfactory.
They state: “During the year, the company expanded its activities and product sales now include higher value, multi-price items. As a result, stock levels have increased.”
The company said it increased its shareholding in subsidiary Bushgrove from 70 to 75 per cent in line with this expansion.
