InterSport Elverys sees record sales due to boost from Rugby World Cup 

Staunton Sports Ltd report 'exceptional' trading for 2023 as revenues rose by 13.5%, from €113.85m to €129.24m

The 2023 Rugby World Cup boost contributed to pre-tax profits increasing at Staunton Sports Ltd by 17.5% from €6m to €7.11m in 2023. 

Sales at the InterSport Elverys retail chain surged to a record €129m in 2023 “thanks in large part to phenomenal sales during the Rugby World Cup period”.

That is according to new accounts which show the Rugby World Cup boost contributed to pre-tax profits increasing at Staunton Sports Ltd by 17.5% from €6m to €7.11m in 2023. 

The directors state the trading performance for 2023 “was exceptional” as revenues rose by 13.5%, or €15.39m, from €113.85m to €129.24m.

The directors said they “are very satisfied with the trading performance”.

Elverys is likely to occupy about 20% to 30% of the iconic former Debenhams/Roches Stores premises in Cork following the reported €12m purchase of the 1920s-built store in May 2023. File picture: Larry Cummins

Intersport Elverys operates 47 stores nationwide and online. 

The Co Mayo headquartered chain continued its growth strategy in 2023 with the reported €12m purchase of the flagship Debenhams outlet in Cork in May 2023, where Elverys is likely to occupy about 20% to 30% of the iconic 1920s-built store.

The directors state that “key variables impacting profits each year include inflationary pressures, supply chain disruption, payroll costs, energy costs, rent charged, input costs, and exchange rates”.

Facing future challenges

On the risks facing the group, the directors said that, in common with all companies operating in Ireland in this sector, Staunton Sports Ltd “is facing challenges arising from other online websites including brands’ direct offering to consumers, supply chain disruption, and inflationary pressures; however, the directors are of the opinion that the company is strongly positioned to meet these challenges”.

On future developments, the directors state that they “are cautious of the significant threats posed to the business by inflationary pressures and cost-of-living increases but will continue to develop the business”.

They said “investment in the online platform, store portfolio, and warehouse automation continues” and “the sustainability programme remains a focus and further investment is planned in 2024 and beyond”.

The retailer recorded post-tax profits of €6.17m in 2023 after incurring a corporation tax charge of €942,984.

The profits for 2023 further strengthened the group’s balance sheet as shareholder funds increased to €33.08m, which included accumulated profits of €27m.

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