Parent company of Brown Thomas posts record pre-tax profits 

XXjob 02/02/2016 STOCK IMAGES Brown Thomas sign, Patrick Street, Cork.

Parent company of Brown Thomas and Arnotts posted record pre-tax profits of almost €9m in its latest earnings update, rebounding from having to close for extended periods during the pandemic.

The company Brown Thomas Arnotts recorded revenues of €254m in the 12 months to the end of January this year, up from €158m during the same period previously.

The directors said that “during the pandemic, management took decisive action to provide financial resilience and further flexibility to manage the uncertainty in light of the adverse impact on liquidity and profitability”.

The accounts revealed that the business received €8.3m in government Covid-19 Wage Subsidy support payments during the year and this followed more than €6m in Covid-19 Wage subsidy payments in 2021.

A dividend of €300,000 was paid out in July last year and a further dividend of €800,000 was paid by the directors on May 2022.

Brown Thomas Arnotts operates the stores in Cork, Limerick, Dublin and Galway, was sold as part of the sale of the Selfridges group to Thai-headquartered Central Group and Austrian Signa Holding last December in a deal worth a reported €4.7bn.

The directors said that despite challenges, the company is set up “for a long, profitable, and sustainable future”.

A breakdown of revenues show that €218m was recorded in retail sales and €34m from concession income.

At the end of January this year, the group had shareholder funds of €115m that included accumulated profits of €65m.

The group’s cash funds increased from €53m to €64m.

The company employs over 1,000 people with most of these people hired in part-time positions.

Staff costs this year increased by €12.2m to reach €47m.