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Article: Power City's 8% sales fall suggests pre-slump problems
- Article from:
- The Irish Times
- Article date:
- July 7, 2009
- Author:
CopyrightCopyright 2009 The Irish Times. Provided by ProQuest LLC. (Hide copyright information)
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ELECTRICAL RETAILER Power City has reported that its sales fell
more than 8 per cent last year, suggesting its business was coming
under marked pressure even before the recession became entrenched.
Famous for its brash television adverts, Power City saw revenues
decline to [euro]95.98 million in the year to September 2008 from
[euro]105.07 million in the previous comparable period.
The firm, controlled by the family of Co Wicklow-based
businessman Liam McKenna, saw operating profit drop to [euro]6.86
million from [euro]8.78 million while pretax profit fell to
[euro]8.34 million from [euro]10.05 million.
Mr McKenna reduced his stake in the business to 12.5 per cent
last year from 21 per cent. ...