Belfast Telegraph

UK Website Of The Year

Company Snapshot: Dunnes operating profits continue to slide

By John Simpson

Published 19/01/2010

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.

Your Comments

COMMENT RULES: Comments that are judged to be defamatory, abusive or in bad taste are not acceptable and contributors who consistently fall below certain criteria will be permanently blacklisted. The moderator will not enter into debate with individual contributors and the moderator’s decision is final. It is Belfast Telegraph policy to close comments on court cases, tribunals and active legal investigations. We may also close comments on articles which are being targeted for abuse. Problems with commenting?

Read More

From Belfast Telegraph