Company Snapshot: Dunnes operating profits continue to slide
Published 19/01/2010 | 08:00
Dunnes Stores (Bangor) is understood to include the consolidated trading figures for all of the Dunnes Stores in Northern Ireland.
The year to January 31 2009 was a 53-week period so that the turnover change, adjusted for the longer period, would show a reduction of 13% on a comparable basis. Similar adjustments might be made to the recorded profit figures.
Operating profits in 2004-5 peaked at £39m and in the last four years have more than halved. Pre-tax profits have been consistently higher than operating profits because the group has large credit balances on which annual interest earnings have been increasing. The balance sheet also shows a continuing practice of holding large cash balances at the bank. The cash balances held at the year end were £276m.
In 2003-4 the Northern Ireland company engaged in a capital spending programme of over £40m. Since then spending on capital projects has averaged between £3m and £9m each year.
Employment in 2008-9 averaged 2,706 people. This was a fall of 13% on the previous year. Post-tax profits in 2008-9 were £19.1m.