Retailer River Island said its 24 stores in Republic fared better than expected at end of summer lockdown        

River Island's directors said the first lockdown from last March had shut all its stores for 12 weeks, with the shutdown having a significant effect on the company. 

The 24 stores operated by River Island in the Republic performed better than its managers expected after they reopened following the first Covid lockdown last summer, the retailer said.  

That is according to new accounts for River Island Clothing Company Ireland Ltd, which also show the company posted a pre-tax loss of €8.3m in 2019, after earning a profit of €4.9m in the previous year.  

Revenues fell 10% to €64.1m but the loss appears to be also driven by a lease charge of €11m.

However, on the Covid impact this year, a note attached to the accounts, said that “since the stores re-opened, the company’s financial position has been ahead of management expectation due to better than expected trading”.

The directors said they were satisfied with the way the business has fared during the crisis and they were refocusing on growth. 

The accounts were only newly available at the Companies Office but were signed off on September 29, before the second Covid-enforced lockdown.

The directors said the first lockdown from last March had shut all its stores for 12 weeks, with the shutdown having a significant effect on the company. 

On the 2019 performance, the directors said the fall in operating profit was caused by a combination of a decline in sales at its stores and by provisions related to its property. 

It employed 664 people last year, down from the 741 staff it had in 2018, and staff costs fell to about €9.8m from about €10.4m.