LifeStyle Sports hits €4m profit as revenues top €103m
Published 22/07/2016 | 02:30
The firms that operate LifeStyle Sports north and south enjoyed combined pre-tax profits last year of €4.18m as revenues topped the €103m mark.
New accounts just filed by the firm which operates the sports retail brand in the Republic, LifeStyle Sports (Ireland) Ltd, show it recorded pre-tax profits of €3.76m as revenues totalled €96.96m.
The company behind the LifeStyle sports brand in Northern Ireland, LifeStyle Sports (NI) Ltd, recorded pre-tax profits of £348,954 (€417,180) as revenues totalled £5.4m (€6.54m).
The two new firms were established in 2014 as a result of a restructuring of the LifeStyle Sports group.
The accounts represent the first full year of trading for the two entities.
The figures show that the business in the Republic enjoyed earnings before interest, tax, depreciation and amortisation of €8m last year while it incurred exceptional charges of €241,712 relating to restructuring charges.The firm was boosted by revenues generated by the company's new flagship store on Dublin's Grafton Street.
The entire business was acquired by the fourth generation family-owned Stafford Group for around €60m in 2005.
The pre-tax profit last year of €3.76m in the Republic followed the firm recording a pre-tax loss of €14m in the prior year that arose from a €14.23m write off of an inter-company loan due to the business.
Numbers employed by the firm in the Republic last year rose from 419 to 459 with staff costs totalling €12.79m.
A breakdown of the staff show that there were 398 engaged in distribution and administration with 61 in sales.
LifeStyle Sports operates 63 stores on the island and has over 16 million shopping at its stores each year.
The amount it paid out in lease charges in the Republic totalled €9.2m while it paid out £381,052 in leases in Northern Ireland.