Friday 21 September 2018

Profits at discounter Euro General hit €1m

The chain operates around 85 stores across the country
The chain operates around 85 stores across the country

Gordon Deegan

Pre-tax profits at discount retailer Euro General last year increased by 14pc to €1.09m.

New accounts show that Euro General Retail Ltd enjoyed the increase in profits after revenues went up by 4pc going from €66.9m to €69.45m in the 12 months to the end of May 10 last.

CEO Charlie O'Loughlin opened his first discount store on Dublin's Moore Street in 1990 and the business today operates around 85 Eurogiant stores across the country.

The main activity of the group is the sale of novelty goods, household goods and confectionery to the general public and wholesaling to associated businesses and related companies.

The directors state that the business opened a further two stores during the year, expanding its geographical base.

According to the directors, the results for the year and the position of the group at the balance sheet date are satisfactory.

The company last year recorded a profit before interest of €1.38m and the company paid €294,006 in interest charges for the year.

Numbers employed increased by 11 going from 615 to 626 with staff costs of €12.18m

The firm has been vocal over the high costs of rents and lease rental costs totalled €7m.

On May 10 last, the firm had accumulated profits of €18.58m. The firm's cash pile decreased from €1.35m to €2.2m.

Directors' remuneration last year increased marginally from €122,700 to €125,740.

The firm's cost of sales increased from €37.9m to €39m last year with administrative costs increasing from €14.98m to €15.7m.

Irish Independent

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