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. In addition, the group recorded an extraordinary one-off gain on its share capital in the fourth quarter of 2015 as it paid off debt and made payments for acquisitions.
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.