Dunnes Stores’ UK division posts £700k pre-tax profit
The UK arm of retail giant Dunnes Stores returned to profit to record a pre-tax profit of £700,000 last year.
The family-owned Irish retailer shut down all of its stores in England and Scotland in 2018 but continues to operate in Northern Ireland, where it has 15 locations.
The Dunnes Stores (Bangor) Ltd firm covers the activities of Dunnes in Northern Ireland, and the accounts filed show that revenues at the company last year declined by 5% to £107.23m, from revenues of £113.43m recorded during the previous reporting period.
Numbers employed dropped from 1,230 to 1,110 and staff costs fell from £17.17m to £16.8m.
Staff costs last year included redundancy costs of £267,000 and this followed costs under the same heading of £132,000 in 2017. The £700,000 pre-tax profit followed a pre-tax loss of £23.04m in 2017, which largely arose from a non-cash impairment of £18.29m.
Last year the Dunnes Stores Bangor firm recorded a post-tax profit of £1.597m after receiving a corporation tax credit of £897,000.
The accounts for the NI firm show that it paid a dividend of £481,000 last year and this followed dividend payouts of £4.79m in 2017 and a dividend of £250.8m in 2016.
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The pre-tax loss also takes into account non-cash depreciation costs of £4.45m and foreign exchange gains of £2.76m.
The firm recorded a £2.1m gain from the sale of fixed assets.
At the end of last year the company's accumulated profits stood at £48.2m while its cash pile declined from £39.46m to £23.5m.
The company's cost of sales last year decreased from £87.36m to £81m, with operating expenses decreasing from £31.37m to £25.95m.
Dunnes is one of the largest employers in Ireland, operating 114 stores. It had estimated revenues of €3.6bn (£3.2bn) in 2017.