Dunnes Stores profits tumble 13pc at UK division as sales decline
giant Dunnes Stores fell 13pc to £13.8m (€17.6m) last year after a slump in revenues.
Accounts just lodged by Dunnes Stores (Bangor) in the UK show the firm sustained the drop in profits as revenues decreased 11pc to £140.52m in the 12 months to the end of February 1 this year.
The firm paid dividends of £470,000 last year to Irish-based parent, Dunnes Stores (Henry Street). The firm’s profits narrowed after its gross profit margin last year fell from 38.28pc to 37.84pc.
The Newry-registered firm’s revenues are generated in Britain and Northern Ireland with Dunnes operating 34 stores in Britain and Northern Ireland, broken down between 23 in Northern Ireland, six in England and five in Scotland.
The accounts offer the only insight into the finances of the family-owned business as Dunnes Stores has unlimited status in Ireland and is not required to file annual accounts to the CRO.
Numbers employed by the UK arm last year fell from 1,944 to 1,724. Dunnes Stores is the third largest player in the Irish grocery market with a market share of 22.7pc according to the latest figures from Kantar Worldpanel.
The UK firm’s accumulated profits stood at £317m with its cash more than tripling from £28.98m to £104.16m. Staff costs reduced by 7pc from £18.89m to £17.58m.