Fashion hit: Profits increase at Michael Kors
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.