Profits surge at Irish arm of Sweaty Betty

Company records pre-tax profits of €441,506

The company’s outlet store at Kildare Village opened in 2021 while it also operates a concession out of Brown Thomas in Dublin.

Pre-tax profits at the Irish arm of women’s activewear brand Sweaty Betty last year increased more than threefold to €441,506.

New accounts filed by Sweaty Betty Ireland Ltd show that the retailer increased profits as revenues rose by 4% from €4.18m to €4.35m.

The pre-tax profits of €441,506 are a 266% increase on the pre-tax profits of €120,348 for 2023.

During the year, the company doubled its workforce from 19 to 38, and at year end the firm operated three standalone outlets in Ireland in Dublin, Kildare Village and Galway.

The British brand is a favourite of celebrities including Jennifer Aniston, Halle Berry, Jessica Alba, Reese Witherspoon and one royal, Catherine, the Princess of Wales.

Last year, the Irish unit enjoyed the first full 12-month performance of its first standalone store in Dublin city centre at 32-33 South Anne St, and its Galway store, which both opened in 2023.

The company’s outlet store at Kildare Village opened in 2021 while it also operates a concession out of Brown Thomas in Dublin.

The directors state that they plan to continue the company’s present activities and current trading levels.

Profits

The company recorded a post tax profit of €376,955 after incurring a corporation tax charge of €64,551.

The profit for last year takes account of non-cash depreciation costs of €219,425 while the company benefited from a foreign exchange gain of €169,316.

At the end of December last, the company’s accumulated profits totalled €1.08m. Cash funds increased from €880,776 to €1.15m.

The company was acquired by US-based clothing manufacturer Wolverine Worldwide for £300m in 2021.

Accounts lodged for the British arm of Sweaty Betty show that it returned to a pre-tax profit of £1.56m in 2024 after recording pre-tax losses of £13.44m in 2023 due mainly to exceptional costs connected to restructuring of £7.4m.

Revenues at the UK arm, Sweaty Betty Ltd in 2024 declined from £144.25m to £140.4m. Numbers employed in 2024 reduced from 990 to 903.