Profits continue to sparkle at Tiffany’s Dublin store

Pre-tax profits have continued to sparkle at the sole Irish store operated by luxury brand, Tiffany’s.

Newly filed accounts for Tiffany’s & Co (Jewellers) Ltd show the Irish shop’s pre-tax profits grew by 47% to €244,000 during its last financial year, the 12 months to the end of last January.

The US company’s sole Irish outlet is a concession area within Brown Thomas on Dublin’s Grafton Street.

The figures show the outlet recorded average weekly revenues of €72,615 in the year under review.

Overall, however, the Irish arm of the business saw a 5% decline in annual revenues from €3.99m to €3.76m.

The US firm was established in 1837 and is today a worldwide corporation operating 296 stores, including 38 in Europe.

Its Irish operation is a modest one compared to overseas outlets.

However, the figures show that its highest paid director was well rewarded for the recent profit increase and saw their pay increase by 48% to €468,000.

The firm’s employee numbers increased from 12 to 13 during the 12 months, while staff costs increased from €543,000 to €566,000.

Tiffany’s Irish cash pile last year decreased from €1.52m to €1.23m.

The Irish division’s latest profit takes account of non-cash depreciation costs of €94,000.

The company’s operating lease charges totalled €513,000 in its last financial year, down from €583,000 in the preceding 12 months.

In the 12 months to the end of March last, Tiffany’s reported global revenues of $4.25bn (€3.9bn).