The move by luxury US brand Michael Kors to open up its first Irish standalone store has paid dividends with pre-tax profits more than doubling last year.
The brand established its only standalone store here in Dundrum in October 2013 and during its first full year of trading to the end of March this year, the firm increased its pre-tax profits by 109% from €66,753 to €139,950.
This followed revenues more than doubling at the firm going from €1.6m to €3.3m.
According to the directors’ report they expect the present level of activity to increase in the future.
The opening of the firm’s Irish store comes against the background of exponential growth of the Michael Kors brand with global sales going from $508m in 2010 to $4.37bn in fiscal 2015 with pre-tax profits of $1.26bn this year compared to pre-tax profits of $54.94m in 2010.
Last year’s profit figure takes account of non-cash depreciation costs of €122,390. The firm’s operating lease costs last year almost tripled going from €112,078 to €312,565.
The Irish branch’s cost of sales last year increased by 138% going from €650,642 to €1.55m with administrative expenses doubled from €883,292 to €1.6m.
Staff costs last year more than doubled from €205,594 to €475,065 and numbers employed by the firm last year went up from 15 to 19.
The firm’s accumulated profits increased from €57,080 to €216,773 as the firm’s cash pile increased from €358,040 to €412,061.
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