Ralph Lauren lifts Irish revenues to €8.4m

The Ralph Lauren outlet in Kildare Village helped boost its revenues to almost €8.4m across its Irish retail operations in 2022. Picture: Eamonn Farrell/RollingNews.ie

Increased trade at the Ralph Lauren’s outlet in Kildare Village helped the clothing and lifestyle brand boost its revenues to almost €8.4m across its Irish retail operations last year.

But the accounts filed by Ralph Lauren Ireland Ltd also show that pre-tax profits fell 29% to €346,314 for the 12 months to early April last year.

The fall in profits came as so-called rent abatements declined to €173,640 from €1m in the previous year. 

The company had also benefited from the pandemic wage subsidy payments of €269,550 in the 2021 financial year. 

Revenues increased in the latest year by 117% to almost €8.4m from €3.85m, as the business recovered from the covid health restrictions. The directors in the accounts said the revenues were “driven by the sales realised in the RL (Ralph Lauren) store in Ireland”.

They also said said that they were satisfied with the level of profitability achieved by the company in the latest financial year.

The company started trading in August 2007 as a factory outlet store at the Kildare Village complex selling clothing and accessories.

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Staff numbers employed last year increased from 63 to 71 people, and staff costs increased by 65% to €1.13m from €690,500 in the previous financial year. 

The accounts disclose that last November Ralph Lauren Corporation issued a letter of comfort in respect of the provision of financial support to assist Ralph Lauren Ireland Ltd in meeting its liabilities “as and when they fall due”.

The accounts also show that in response to Brexit management had set up a new post-Brexit transportation supply chain “including to bypass UK territory with direct routes from our central European warehouse in Italy to our stores in the Republic of Ireland”.

On the future developments for the business, the directors said in the accounts it will continue its strategy of refocusing on its “core brands” and developing products and marketing “to increase desirability and relevance”.

The directors said the business also plans to develop its operating model to enable sustainable and profitable sales growth by reducing supply chain lead times, improving its sourcing, and securing “a disciplined multi-channel distribution and expansion strategy”.

As of April last year, the company had posted accumulated profits of €1.87m. Its also reported that its cash funds increased to €305,720 from €93,545 in the previous year. 

Globally, Ralph Lauren posted revenues of $6.22bn (€5.7bn) in the 12 months to early April last year.