Business Irish

Thursday 29 June 2017

Ann Summers slips into red with €1m loss

Ann Summers Store on O' Connell Street in Dublin
Ann Summers Store on O' Connell Street in Dublin

Gordon Deegan

Bumper sales of Chinese rope restraints, play handcuffs and satin and lace blindfolds could not prevent the Irish retail business of Ann Summers from plunging into the red last year to record losses of €1m.

New figures show that Ann Summers Ireland (Retail) Ltd recorded the €1m loss in spite of revenues increasing from €2.38m to €2.4m in the 12 months to the end of June 25 last.

The firm's revenues were boosted by the opening of a fourth store last year on Dublin's Henry Street.

However, the new accounts show that the business's property lease accounted for a high proportion of costs increasing from €835,000 to €985,000 last year.

The €1m loss follows a pre-tax profit of €149,269 in 2015 - a negative swing of €1.159m.

The firm recorded an operating loss of €536,836 last year and a foreign exchange losses of €473,855 resulted in the €1m loss.

The costs associated with the new store opening resulted in administrative costs increasing from €2.1m to €2.33m.

The loss last year resulted in the firm's accumulated profits declining from €3.5m to €2.53m.

Irish Independent

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