Boots' profit up as revenue down
COSMETICS retailer Boots said yesterday it increased annual profits from its Irish operation last year despite falling revenue.
The company, which employs close to 1,700 people across 58 stores in the Republic, said like-for-like revenue in Ireland dropped 3pc in the year to the end of March to £227m (€259m) on the back of what Boots called "the fragile state of the Irish economy".
Despite the drop in revenue, Boots said they had actually increased profits in Ireland, due to "lower margins and operating costs" and "strong" dispensing item volumes.
Accounts filed by Boots Ireland show profit before tax for the year to March 31 2010 was just over €11m.
Despite the downturn here, more store openings are expected. The company has a target of 100 stores in the Republic.
The results for Ireland came as parent company Alliance Boots said earnings before interest, tax, depreciation and amortization, increased 10.8pc to £1.3bn on the back of revenue which rose 15.1pc to £20.2bn. Trading profit was up more than 14pc to £1.05bn.
Growth was driven by the pharmaceutical wholesale business, which increased trading profit by 36pc on revenue that rose nearly 24pc.