Wallis returns to profit but Miss Selfridge takes a hit
The Irish outlets of sister brands Wallis and Miss Selfridge enjoyed contrasting fortunes last year as Wallis returned to profit and Miss Selfridge slipped into the red.
According to accounts just filed by the Tina Green-owned companies, Wallis Retail (Ireland) Ltd (WRIL) recorded a £1.84m (€2.3m) pre-tax profit in the 12 months to the end of August 31 last year following the firm recording a pre-tax loss of £1.79m in fiscal 2012.
Ms Green is married to retail tycoon Philip Green and they operate the Arcadia Group.
Subsequent to the end of August last year, Wallis closed down loss-making stores at Cruises Street in Limerick and on Grafton Street in Dublin.
The firm made the decision after revenues continued to slide at the business in 2013, declining by 5pc from £12.5m to £11.9m. In fiscal 2012, revenues declined by 15pc or £2.2m from £14.7m to £12.5m.
The figures for Miss Selfridge Ireland Ltd show that it recorded a pre-tax loss of £453,000 following a modest pre-tax profit of £26,000 in 2012.
The figures show that WRIL recorded the profit after receiving a non-cash credit of £2m in connection with the movement of a provision against the future leasing obligations of its loss-making stores.
According to the directors' report, "the retail market continues to be challenging. However, the board is optimistic that through focusing on marketing and product and cost control, improved margins will be delivered."