Profits more than double at Debenhams’ Irish store

DEPARTMENT store group Debenhams saw profits at its Dublin outlet more than double last year.

According to accounts filed at the Companies Registration (CRO), Debenhams’ Irish profits rose from €1.24 million in 2003 to just over 3m in 2004.

Debenhams’ store in the Jervis Shopping Centre in Dublin turned over €15.5m in the 12 months to August 28, 2004. The turnover was flat compared to the previous year. When third party concessions sales are included, turnover was €19.5m for the year.

Debenhams opened its second Irish outlet at the Mahon Point shopping centre in Cork earlier this year and has a lease agreement for a third department store in the Whitewater Centre in Newbridge.

The Jervis shopping centre outlet has been very profitable for the company. Retained profits at Debehams rose to €11m at the end of its financial year.

Debenhams was taken private more than a year ago by Baroness Holdings, a consortium of venture capital groups led by Texas Pacific and CVC. The group had sales of £1.9 billion (€2.7bn) and trading profits of £184m in the year to August 28, 2004.

According to reports, the company is refinancing its debt, a move which some analysts see as a precursor to a return to the stock markets.