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.