Massimo Dutti profits up 12-fold in Ireland
Pre-tax profits at the Irish arm of fashion retailer, Massimo Dutti last year increased 12 fold to €174,000, new figures show.
Massimo Dutti Ireland operates two stores here - one at the Dundrum Shopping Centre and the second at 65/66 Grafton Street, a premises which previously housed HMV's flagship Irish operation.
The new accounts show that the company enjoyed the surge in profits after revenues increased by 4pc, going from €7.78m to €8m in the 12 months to the end of January 31.
According to the directors' report, they plan to open further stores as soon as suitable opportunities arise and for the company to increase profitability as a result of the continuing increase in sales.
The fashion retailer has a three-storey outlet on Dublin's Grafton Street and this contributed to the firm's operating lease costs totalling €1.373m in 2016.
Profits were hit at the firm in 2015 by the closure of the company's Dundrum store for a period as it underwent a refurbishment. The accounts disclose that on January 31 of this year, the company paid out a dividend of €750,000 to its immediate parent.
Numbers employed last year increased from 40 to 43 with staff costs increasing from €1.16m to €1.2m. According to the directors' report, the gross margin for the year averaged 57.3pc of sales compared to 56.2pc for the previous year.