The firm operating the Penneys chain here reported daily average pre-tax profits exceeding €1.13 million last year. New accounts filed by Primark Ltd show a 5% increase in pre-tax profits, reaching €416.6 million for the 52 weeks ending September 16.
The accounts reveal a €51.5 million, or 7%, increase in Penneys’ Irish retail revenues, rising from €693.07 million to €744.48 million. This translates to average weekly revenues of €14.3 million for Penneys’ Irish stores. The directors noted that strong trading performance and higher footfall in stores led to increased sales. Additionally, the opening of the Tallaght store at the end of the previous year, along with expansions in Dundrum, Clonmel, and Galway, contributed to this growth.
The firm recorded operating profits of €380.99 million, with net finance income of €35.2 million, resulting in pre-tax profits of €416.63 million. After a corporation tax charge of €40.54 million, the post-tax profit was €376.08 million.
The directors announced plans to invest over €250 million in the Irish market over the coming years, including creating 1,000 additional jobs and expanding selling space by an estimated 20%. A new store was recently opened in Bray, Co Wicklow, further demonstrating the company’s long-term commitment to Ireland, high-street retail, and local communities.
Planned investments include €60 million in the Patrick Street store in Cork, €20 million in the Eyre Square store in Galway, and €10 million for a full refurbishment of the flagship Mary Street store in Dublin.
Overall revenues for Primark Ltd last year increased by €745 million, or 23.5%, from €3.174 billion to €3.9 billion. These revenues comprised €2.39 billion from inter-company supplies of inventory, €744.48 million from Irish retail revenues, and €784.58 million from Primark Way franchise income. The profit accounts for non-cash depreciation costs of €79.32 million and non-cash amortisation costs of €36.84 million.
The number of employees increased by 581, from 6,483 to 7,064, with staff costs rising from €252.46 million to €300.65 million. Directors’ pay last year totaled €4.7 million, with an additional €1.56 million received under long-term incentive plans. Accumulated profits stood at €1.64 billion.
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