Ann Summers doubles its Irish profits

IRELAND is proving to be increasingly profitable for Ann Summers, the lingerie and sex toy retailer.

Profits at Ann Summers two shops in Ireland almost doubled in its last financial year, newly filed accounts for the company reveal.

Pre-tax profits in the 12 months to end June 2007 jumped to almost €550,000, up from €270,646 the previous year.

The rise in profits came as turnover rose to €3.92m from €3.7m and a slight decrease in the company’s cost of sales.

According to the company’s balance sheet, net assets increased to €1.33m from €812,541.

The number of people employed at Ann Summers two stores — on O’Connell Street in Dublin and Princes Street in Cork — remained the same at 29. However, staff costs for 12 months fell to €480,576 from €489,237.

Ann Summers opened its first Irish shop amid much controversy in 1999, and the Cork shop in 2004.

Ann Summers is run by Jacqueline Gold, one of Britain’s most successful businesswomen.

The 48-year-old took over control of the retail business from her father in 1987, having started the home parties in 1981.

Under Ms Gold the company has been a runaway success with turnover approaching €200m and the brand extending to 150 shops worldwide.

The company has also moved into mainstream retailing with the acquisition of Knickerbox in 2000.