Swarovski seeks more outlets as Irish sales rise 14%

Revenues rose 14% at the Irish arm of luxury brand Swarovski, as it seeks more outlets to sell its crystal and high-end jewellery products.

According to the directors for Swarovski Ireland Ltd, the opening of a new store in Kildare Village and a continuation of a small outlet in Liffey Valley contributed to the strong growth in sales.

A 14% increase in sales to €4m and an increased sales margin boosted pre-tax profits to €70,000 in 2015 from €25,000 in 2014.

“This continues the trend established in 2014 of a return to sustained profitable growth,” according to the directors.

“The company expects to maintain and grow the business in the established outlets and in addition is seeking opportunities for further expansion into other areas of Ireland both through mono and multi-brand channels,” the directors said.

The principal activity of the company is the sale of crystal products and fashion jewellery.

The firm operates four stores in Dublin, and also sells to authorised resellers.

The profit last year takes account of operating lease charges of €749,000 and non-cash depreciation costs of €80,000. Staff costs at the firm last year increased from €608,000 to €792,000, as staff numbers increased from 33 to 37 people.

Its cost of sales in 2015 increased from €896,000 to €1m.

Distribution costs rose from €2.3m to €2.64m and administrative expenses increased from €191,000 to €211,000.

The firm had a post-tax profit of €49,000, after paying corporation tax of €21,000.

The company said its 2016 forecasts and projections “show that the company should be able to operate within the level of its current facilities”.