Profits drop 18pc to £11.3m at Dunnes Stores in UK
Pre-tax profits at the main Northern Ireland and British arm of Irish-owned retail giant, Dunnes Stores last year fell by 18pc to £11.3m (€15.9m) after a further slide in revenues.
According to accounts just lodged by Dunnes Stores (Bangor) Ltd to Companies House in the UK, revenues fell from £140.52m to £136.9m in the 12 months to the end of January 31 of this year.Revenues at the firm in 2012 had totalled £157m and the dip in revenues comes against the background of reports earlier this year that Dunnes was planning a major UK expansion eyeing the opening of up to 40 new stores there.
The figures show the firm paid dividends of £764,000 last year to Irish-based parent, Dunnes Stores (Henry Street) and a dividend payout of £476,000 in the prior year.
The Newry-registered firm's revenues are generated in Britain and Northern Ireland with Dunnes Stores operating 29 stores in the UK, broken down between 20 in the North, and nine in England and Scotland.
The accounts offer the only insight into the finances of the family-owned business as Dunnes Stores has unlimited status in the Republic and is not required to file annual accounts to the Companies Office.
Numbers employed by the UK arm last year fell from 1,724 to 1,592. Across the group, Dunnes Stores employs around 15,000 people in total.
The firm's staff costs totalled £17.4m with accumulated profits of £323m at the end of January.