Euro General discount retailer in 14% profits boost

Euro General discount retailer in 14% profits boost

Pre-tax profits at discount retailer Euro General last year increased 14% to €1.09m.

New accounts show that Euro General Retail Ltd posted a 4% increase in sales to €69.45m from €66.9m in the 12 months to the first week of May.

Chief executive Charlie O’Loughlin opened his first discount store on Dublin’s Moore Street in 1990 and the business has grown to have around 85 stores across the country.

It sells novelty goods, household goods, and confectionery, and also operates as a wholesaler to associated businesses. According to the directors’ report, the firm’s gross margin increased from 43.4% to 43.8%.

They said the business opened a further two stores during the year, expanding its base across the country.

It posted a profit before interest payments of €1.38m. Those interest charges totalled €294,006 for the year.

Staff numbers rose 11 to 626, while annual staff costs rose to of €12.18m.

The profit takes account of non-cash depreciation costs of €1.27m and non-cash amortisation costs of €297,600.

The firm has been vocal opponent of the high costs of rents in the past.

Its figures show that its lease costs increased to €7m from €6.65m in the fiscal year.

Cost of sales increased from €37.9m to €39m year, and administrative costs rose from €14.98m to €15.7m.

After paying corporation tax of €193,774, it posted a net profit of €897,062.

That brought its accumulated profits of €18.58m, although its cashpile fell from €1.35m to €2.2m.

Directors’ pay increased slightly to €125,740.

According to the directors, the results for the year and its balance sheet “were satisfactory”.

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