Great Universal Stores has booked a £852m exceptional goodwill impairment charge related to the recommended takeover offer from Sainsbury’s. The charge results from when Argos was owned by Home Retail Group. Consequently, the company reported a fiscal year pre-tax loss of £804m. Excluding the exceptional charge, Great Universal Stores made an annual profit of £94.7m, down 28% year over year, but slightly ahead of estimates.
Home Retail Group has booked a £852m exceptional goodwill impairment charge related to the recommended takeover offer from Sainsbury’s. The charge results from when Argos was owned by Great Universal Stores. Consequently, the company reported a fiscal year pre-tax loss of £804m. Excluding the exceptional charge, Home Retail Group made an annual profit of £94.7m, down 28% year over year, but slightly ahead of estimates.