Wednesday 19 June 2019

Fashion hit: Profits increase at Michael Kors

On the up: The firm’s pre-tax profits increased almost 15-fold last year, from €119,246 to €1.729m
On the up: The firm’s pre-tax profits increased almost 15-fold last year, from €119,246 to €1.729m

Gordon Deegan

OPERATING profits at the Irish arm of US fashion brand Michael Kors last year increased by 2pc, to €128,667.

That is according to new accounts which show that revenues at Michael Kors (Ireland) Ltd decreased by 3pc, from €2.45m to €2.37m in the 12 months to the end of March last.

According to the directors, during the year the company’s retail activity was mainly focused on increasing sales through the e-commerce channel as well as maintaining a steady performance of its shop in Dundrum in Dublin.

Revenues are expected to increase sharply in the current year, due to the opening of a second store, in Kildare Village in August of last year.

The firm’s pre-tax profits increased almost 15-fold last year, from €119,246 to €1.729m.

That was due to interest receivable of €1.6m. The Irish arm recorded post-tax profits of €1.3m after paying corporation tax of €418,636.

Numbers employed declined from 24 to 21 as staff costs reduced to €483,750.

Irish Independent

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