Tuesday 27 September 2016

Profits sparkle at luxury brand Tiffany's sole Irish store

Gordon Deegan

Published 14/01/2016 | 02:30

Hollywood actress Kate Hudson at a ball held by Tiffany & Co, a favoured luxury brand among celebrities. Photo: Getty Images
Hollywood actress Kate Hudson at a ball held by Tiffany & Co, a favoured luxury brand among celebrities. Photo: Getty Images

Pre-tax profits continued to sparkle at the one Irish store operated by luxury brand Tiffany's as pre-tax profits rosy by 47pc to €244,000 last year.

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The US-owned jewellery firm operates an outlet in Grafton Street's Brown Thomas store and new figures show that Tiffany's recorded average weekly revenues of €72,615 last year.

The new figures just lodged with the Companies Office show that revenues at Tiffany's & Co (Jewellers) fell by 5pc, from €3.99m to €3.76m ,in the 12 months to the end of January 31, 2015.

The US firm was established in 1837 and is today a worldwide corporation, operating 296 stores, including 38 in Europe. Its Irish operation is a modest one compared to overseas outlets.

The figures show that its highest paid director was well rewarded for the increase in profits last year as the director's pay-package increased by 48pc, from €316,000 to €468,000.

According to the firm's directors' report for 2015, Tiffany's Ireland enjoyed a gross profit margin of 59pc last year compared to 52pc in 2014 and a net pre-tax profit margin of 6pc compared to 4pc in 2014.

The figures show that Tiffany's cash pile last year decreased from €1.52m to €1.23m. The profit last year resulted in the firm's accumulated losses reducing from €372,000 to €148,000.

The firm's staff numbers increased from 12 to 13. Staff costs increased from €543,000 to €566,000.

The profit takes account of non-cash depreciation costs of €94,000. The company's operating lease charges totalled €513,000 last year, down from €583,000 in 2014.

In the year to the end of March, Tiffany's reported global revenues of $4.25bn.

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