19/12/2001

Littlewoods reduce losses in first half report

UK retailer Littlewoods has announced they are making good progress in reviving the business as the company revealed a reduction in losses for the first half of the year.

The company posted a loss of £9.9m for the six months to October 31, down from a loss of £34.2m for the same period the previous year.

Sales for the half-year rose 4 per cent to £898.3m, while sales at their high street stores climbed 5 per cent compared to last year.

Chief Executive Alistair McGeorge commented: "We are greatly encouraged that the steps taken to restore business performance are delivering results. With further operational efficiencies planned in the second half of the year, together with a greater focus on full price sales and margins, Littlewoods is on-track to record a significant improvement in operating profits for the financial year." (GB)

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