Discount retailer Euro General returns to profit
Discount retailer, Euro General last year returned to profit as revenues rose by 8pc to €60.7m.
New accounts just filed by Euro General Retail show that the investment made in the business in fiscal 2013 with the opening of 14 new outlets has paid off, with pre-tax profits of €1.25m in the 12 months to the end of May 10.
This followed the firm recording a pre-tax loss of €129,435 in the prior year.
Chief executive Charlie O'Loughlin opened his first discount store on Dublin's Moore Street in 1990 and the business today operates 80 stores around the country with 75pc located outside the capital.
The firm employs more than 750 and a spokesman for Euro General said yesterday that the performance by the firm was 'satisfactory".
The firm enjoyed post tax profits of €990,342 and the spokesman pointed out that the profit represented a 2pc net margin last year.
"There was a lot of hard work to achieve that. Business is tough out there," the spokesman said.
He added that around half of the firm's stores are tied to upward-only rent leases. "We are in negotiations seeking reductions on some of those leases," he said.
The spokesman confirmed that the business's aim this year is to consolidate its position.
The profit took account of depreciation costs of €1.8m and the loss in the prior year was mainly due to depreciation costs of €2.7m.
The business paid a €125,000 dividend. Directors' remuneration totalled €150,458. Staff costs totalled €10.4m.