A Ralph Lauren firm that operates an outlet store in Kildare Village recorded revenues of €179,000 per week last year.
New figures lodged by the Irish arm of the US luxury brand show that the firm increased its revenues by 2% from €9.1m to €9.3m in the 12 months to the end of March 29 last.
Pre-tax profits for Ralph Lauren Ireland Ltd during the year declined by 81% from €784,277 to €144,151.
The drop in profit is attributable to higher cost of sales, increasing by 13% from €6.1m to €6.89m.
The directors’ report states that the company began trading in August 2007 as a factory outlet store in Kildare selling clothing and accessories.
It also stated that during last year, the firm operated as the Irish commissionaire of Ralph Lauren Europe Sarl, a Swiss-registered firm, and the commission rates earned were 33% during the first three months of the financial year and 24% as of from July 2014.
The report states that “all the sales were in Ireland”.
The directors state that they are satisfied with the level of profitability achieved by the company during 2014 and expect the company to consolidate its position in the outlet business during 2015.
Last year, the firm paid a dividend of €500,000 and is recommending the payment of €500,000 again this year.
The directors’ report states that the directors “are satisfied with the level of sales achieved considering the bad economic climate in Ireland during the financial year. The operating expenses have remained at a similar level to last year”.
The profit last year takes account of operating lease of €1.16m and non-cash depreciation costs of €107,016.
Numbers employed by the firm last year decreased from 54 to 50 though staff costs increased from €706,824 to €743,163.
Shareholder funds at the end of last year totalled €964,474, including accumulated profits of €764,474.
Separate accounts filed by the Irish store of another US luxury brand, Tiffany’s, show that profits sparkled at its only Irish store on Dublin’s Grafton St after more than trebling to €166,000.
New figures show that the store recorded average weekly revenues of €76,846 as revenues at Tiffany’s & Co (Jewellers) Ltd increased by 17.5% from €3.4m to €3.99m in the 12 months to the end of January 31, 2014.
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