Apple reveals 19% drop in UK retail profits as sales flatline

Apple recorded an 18.6% drop in full-year profits from its UK retail operations last year, after it was hit by wage and rent rises.

  Apple reveals 19% drop in UK retail profits as sales flatline

Full-year pre-tax profits slip 18.6% to £14.7m

Sales flat at £897.6m 

Operating profit falls 17.9% to £15.3m

The group, which has 37 UK stores, revealed a £14.7m UK retail pre-tax profit in the year to the end of September 2014. Sales were flat at £897.6m, according to a Companies House filing.
Operating profits were driven down 18% because of “increased operating expenses” mainly from “increased payroll and rent expenses”.
Total staff costs in the year rose climbed 4.2% to £135m, with wages and salaries accounting for £103.6m. Since September last year, Apple has opened one new UK store.
The retaielr has faced scrutiny over its UK tax affairs and the filing revealed that it paid £7.6m UK corporation tax in the year, a rise of 4.2%.
The European Commission is investigating Apple over its tax affairs and its offshore arrangements in Ireland. Amazon and Starbucks are also being probed as part of the same investigation.


Posted on July 7, 2015, in #retail, #uk. Bookmark the permalink. Leave a comment.

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