Brown Thomas sees profits plunge to €22m

BROWN Thomas saw its pre-tax profits plunge from €81 million to almost €22m in the year to February 2009.

According to accounts just filed, the company said its financial performance had deteriorated as the year progressed, “coinciding with the sharp decline in the underlying economic fundamentals of the country and a drop in consumer confidence”. A dividend of just over €7m was paid against €70m in the previous year.

It anticipated in the accounts that trading conditions in 2010 would continue to be difficult, with ongoing pressure on consumer spend and low consumer confidence.