The companies behind two of Ireland’s most famous retailers, Brown Thomas and Arnotts, are back in the black this year with a pre-tax profit of €8.94 million.
According to Brown Thomas Arnotts Ltd’s new accounts, the group has returned to profitability after revenue increased by €95.8 million to reach €253.6 million in the 12 months to 29 January of this year.
The pre-tax profit of €8.9 million followed the previous year’s unusual pre-tax loss of €1.77 million.
The business is back in the black this year after Covid-19 restrictions closed its “brick and mortar” retail stores for only the first 14 weeks.
According to its financial results, the business received €8.3 million in government Covid-19 wage subsidy support during the year and €6.1 million in Covid-19 wage subsidy payments in the 2021 financial year.
The directors report that a dividend of €300,000 was paid in July 2021 and a further €800,000 was paid on 20 May of this year.
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Braun Thomas Arnotts, which operates stores in Dublin, Cork, Limerick and Galway, made a deal worth €4.7 billion to Thailand-based Central Group and Austria-based Cigna Holding last December as part of the sale of the Selfridges Group. Sold.
Brown Thomas Arnotts’ board of directors said, “Future growth is planned through continued investment in stores and increased investment in digital, including Dundrum’s expansion into larger stores.” Dundrum opened on February 24th this year.
The number of employees during the period increased by 188 people from 1,104 to 1,292, with 701 part-time workers and 591 full-time workers.
Personnel costs this year increased by €12.2 million to €47.1 million.