Sales drop for second year running at A&F Hollister after opening frenzy
Published 01/10/2016 | 02:30
Profits and revenues of major US clothing brands Hollister and Abercrombie & Fitch last year dropped here for the second year running.
New accounts show that pre-tax profits at A&F Hollister Ltd dropped by 10pc to €510,814.
This followed pre-tax profits dropping by 19pc to €569,272 in 2014.
Last year, revenues dropped by €513,517 to €13.5m and this followed revenues decreasing by 15pc to €14m in 2014.
The drop in sales over the past two years reversed the massive growth the US clothing brands have enjoyed here in recent years at its Hollister brand store at the Dundrum Town Centre in Dublin and the Abercrombie & Fitch store at College Green in the capital.
Frenzies greeted the opening of the Hollister brand store in 2011 and the opening of the first Irish Abercrombie & Fitch store in 2012.
In response to the downturn in sales at the firm's two Irish stores, numbers employed by the company last year declined from 325 to 255.
Part-time workers absorbed most of the losses, with numbers falling from 302 to 237.
As a result, staff costs last year reduced from €3m to €2.1m.
The firm's operating lease costs last year fell from €1.24m to €1.19m.
The company's profits take account of non-cash depreciation costs of €966,513
The firm's cash increased from €4.42m to €4.49m.