Business Irish

Thursday 21 March 2019

Karen Millen profits halve as Oasis defies trends

 

Digital boost: Online sales grew ‘significantly’ year-on-year at Karen Millen Ireland
Digital boost: Online sales grew ‘significantly’ year-on-year at Karen Millen Ireland

Gordon Deegan

Pre-tax profits at the Irish arm of fashion retailer Karen Millen last year halved to €100,000.

New accounts show that Karen Millen Ireland Ltd recorded the drop in pre-tax profits in spite of revenues increasing by 5pc from €5.9m to €6.2m in the 12 months to the end of February 24 last.

The directors' report states that the year under review has been a period of operational stabilisation for the Karen Millen Group and that digital business grew significantly year-on-year.

The firm's payout under operating leases last year remained at €0.5m. Staff costs last year totalled €1m.

Separate accounts for connected fashion retail firm, Oasis Fashions Ireland Ltd, show that pre-tax profits increased by 63pc from €1.1m to €1.8m in the 12 months to the end of February 28 last.

The increase in profit came in spite of revenues declining by 4pc from €18.8m to €18m against what the directors describe as "a difficult retail environment".

Numbers employed by the Oasis business totalled 230 and staff costs last year amounted to €2.6m. The firm's spend on operating lease rentals totalled €3.1m with non-cash depreciation costs of €300,000.

Another well-known fashion retail brand here, Warehouse  Fashion Ireland Ltd, last year broke even after recording losses of €300,000 in the prior year.

It recorded the break even after revenues declined by 9pc from €6.8m to €6.2m. The firm employs 94. All three fashion retail businesses are owned by the Iceland's Kaupthing Bank.

Irish Independent

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