Pre-tax losses last year narrowed sharply at the Irish arm of fashion retailer Oasis to €400,000 despite revenues reducing by 12 per cent.

The chain employs 254 people across the country and according to accounts recently filed with the Companies Office by Oasis Fashions Ireland Ltd, they show that pre-tax losses decreased by 84 per cent from €2.6 million to €400,000 in the year to the end of February 25th, 2012.

Figures show revenues decreased by €2.4 million from €20.4 million to €18 million.

The directors confirm that the drop in revenues took place against the background of a difficult retail environment.

The directors state: “The gross profit margin was 58 per cent compared to 54 per cent in 2011, resulting in gross profit for the period of €10.4 million. Distribution costs and administrative expenses excluding exceptional items amounted to €10.9 million, this equates to 61 per cent of sales.”

The company is a member of the Aurora Fashion group that also operates the Karen Millen and Coast labels in Ireland.

The figures show that the firm’s accumulated losses totalled €5 million.