Guineys builds its profits as sales rise 10% to €23.8m

by Gordon Deegan

Pre-tax profits at department store retailer Michael Guiney — better known as Guineys — has climbed to €2.45m.

In a bumper year for the group, the retailer increased sales by 10% to €23.83m in the 12 months to the end of January this year.

The retailer, which has 10 outlets, including stores in Dublin, Cork, Limerick, Waterford, and Kilkenny, returned to profit two years ago and said it “is benefiting from a general improvement in economic activity in the economy”.

The accounts show that the company’s directors, Michael Guiney, Suzanne Guiney and Gretta Guiney last year shared €158,373 — just marginally more than the €158,328 paid to directors in 2015. It also paid €39,736 in dividends to shareholders, down from the €66,247 paid out in 2015. The balance sheet remains strong with accumulated profits of €13.8m. Last year’s profit takes account of operating lease rentals of €848,026 and non-cash depreciation costs of €762,099.

Staff numbers increased from 224 to 233, with staff costs increasing from €4.2m to €4.4m. The filings show that the retailer’s cost of sales last year fell slightly to €13.34m, while administrative expenses increased slightly to €7.99m. After paying €359,18 in corporation tax, it posted an after tax profit of €2m.

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