Menu
28/03/2002
Woolworths chief hopeful despite £46m loss
Woolworths boss Gerald Corbett has said he remains hopeful despite reporting a full-year loss of £46 million.
Full-year pre-tax losses hit £46.4 million and the company's pre-tax profit before exceptional items and goodwill was £33 million.
The company’s profits were let down by a drive to clear excess stocks and low sales over the Christmas trading period.
The company was also hit by a £72 million charge relating to stock adjustments, demerger costs and the closure of e-Woolworths.
However, despite these losses chairman Gerald Corbett said the company had got itself into a position to make a recovery in 2002.
In the first seven weeks of the new financial year like-for-like sales were up 6.2 per cent, driven almost entirely by Easter falling two weeks earlier this year.
The former Railtrack boss said the company had now stabilised, with debts brought down and the recruitment of a stronger management team.
Gerald Corbett, the company's chairman said: “The foundations for improving the operational performance of the business have now been laid. We have made a reasonable start to this financial year and are confident of delivering a recovery in profitability.
"Our priority since demerging last August has been to stabilise the business, address high levels of overstocking, bring down debt and strengthen the management team.
"We have made progress on all accounts, with stock levels down over £110 million at selling price, demerger debt paid down and the appointment of a highly experienced retailer as our new chief executive, Trevor Bish-Jones."
(AMcE)
Full-year pre-tax losses hit £46.4 million and the company's pre-tax profit before exceptional items and goodwill was £33 million.
The company’s profits were let down by a drive to clear excess stocks and low sales over the Christmas trading period.
The company was also hit by a £72 million charge relating to stock adjustments, demerger costs and the closure of e-Woolworths.
However, despite these losses chairman Gerald Corbett said the company had got itself into a position to make a recovery in 2002.
In the first seven weeks of the new financial year like-for-like sales were up 6.2 per cent, driven almost entirely by Easter falling two weeks earlier this year.
The former Railtrack boss said the company had now stabilised, with debts brought down and the recruitment of a stronger management team.
Gerald Corbett, the company's chairman said: “The foundations for improving the operational performance of the business have now been laid. We have made a reasonable start to this financial year and are confident of delivering a recovery in profitability.
"Our priority since demerging last August has been to stabilise the business, address high levels of overstocking, bring down debt and strengthen the management team.
"We have made progress on all accounts, with stock levels down over £110 million at selling price, demerger debt paid down and the appointment of a highly experienced retailer as our new chief executive, Trevor Bish-Jones."
(AMcE)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
23 October 2001
Belfast tech company gets share of multi-million pound deal
One of Europe’s leading customer relationship management (CRM) software players, Amacis is set to share in a deal worth £650 million.
Belfast tech company gets share of multi-million pound deal
One of Europe’s leading customer relationship management (CRM) software players, Amacis is set to share in a deal worth £650 million.
07 August 2009
ITV Announce £105 Million Loss
Struggling broadcaster ITV has announced a pre-tax loss of £105 million in their half-year results. The report revealed that advertising revenue had fallen by 15%, which was just marginally better than the 17% fall in the overall commercial broadcasting market.
ITV Announce £105 Million Loss
Struggling broadcaster ITV has announced a pre-tax loss of £105 million in their half-year results. The report revealed that advertising revenue had fallen by 15%, which was just marginally better than the 17% fall in the overall commercial broadcasting market.
23 September 2002
Holywood Road SPAR recognised as 'best company owned site'
The SPAR & Jet Filling Station on the Holywood Road has picked up the top accolade of 'Best Company Owned/Managed Site in Northern Ireland' at the Forecourt Trader of the Year Awards 2002.
Holywood Road SPAR recognised as 'best company owned site'
The SPAR & Jet Filling Station on the Holywood Road has picked up the top accolade of 'Best Company Owned/Managed Site in Northern Ireland' at the Forecourt Trader of the Year Awards 2002.
11 December 2003
MyTravel sails into a £911m loss
Struggling holiday firm MyTravel, formerly Airtours, reported overall losses of £911 million following a worse than expected trading year. In the year to September 30, the tour operator unveiled an operating loss of £358 million and a £359 million write-off of key assets that contributed to an exception items total of £473 million.
MyTravel sails into a £911m loss
Struggling holiday firm MyTravel, formerly Airtours, reported overall losses of £911 million following a worse than expected trading year. In the year to September 30, the tour operator unveiled an operating loss of £358 million and a £359 million write-off of key assets that contributed to an exception items total of £473 million.
17 June 2002
TV3 reduces debts in quest for profitability
The Republic's first national independent commercial broadcaster, TV3, is still haemorrhaging around €5 million a year up to August last year but is on the road profitability, according to accounts submitted to the Companies Registration Office. Whilst turnover for the year from January to August recorded revenues of around €13.
TV3 reduces debts in quest for profitability
The Republic's first national independent commercial broadcaster, TV3, is still haemorrhaging around €5 million a year up to August last year but is on the road profitability, according to accounts submitted to the Companies Registration Office. Whilst turnover for the year from January to August recorded revenues of around €13.
-
Northern Ireland WeatherToday:After a dry start this morning rain will spread from the northwest across all parts. This afternoon will be dull with some patchy rain and drizzle. Becoming much milder through the afternoon. Maximum temperature 11 °C.Tonight:A cloudy evening and night with a little light rain or drizzle, perhaps some clear periods developing along the east coast. A very mild night everywhere. Minimum temperature 10 °C.
