Contrasting fortunes for UK fashion retailers here

The Irish stores of UK brands Wallis and Miss Selfridge experienced contrasting fortunes last year as the latter returned to operating profit, while revenues and profits dropped at Wallis Ireland.

According to accounts just filed by the Tina Green-owned firms, Miss Selfridge Retail (Ireland) Ltd recorded a modest operating profit of £7,000 (€9,800) after revenues increased from £3.7m to £3.87m in the 12 months to the end of August last.

Separate accounts lodged by Wallis Retail (Ireland) Ltd (WRIL) show that its pre-tax profits slumped from £1.8m to £262,000 with revenues declining by 9% from £11.9m to £10.84m in the 53 weeks to the end of August.

During the year under review, Wallis closed down loss-making stores at Cruises St in Limerick and on Grafton St in Dublin.

According to the directors’ report for WRIL, the profit was primarily due to an exceptional non-cash credit of £521,000 in connection with the movement of a provision against the future leasing obligations of its loss-making stores.

Separate filings by Miss Selfridge Retail (Ireland) Ltd show that it recorded a pre-tax loss of £54,000 after interest charges of £61,000 are taken into account.