Overcast Summers: Sales at lingerie chain surge to €3.46m, but losses continue
Bumper sales at the Blanchardstown and Henry Street Ann Summers stores contributed to revenues increasing sharply at the Ann Summers Irish retail operation - up to €3.46m last year.
"Our two new flagship stores in Blanchardstown and Dublin continue to outperform the rest of the estate," said Ann Summers CEO Jacqueline Gold.
New accounts show that revenues at Ann Summers Retail Ltd increased by 15pc - from €3m to €3.46m - in the 53 weeks to the end of June 30 last. In a statement accompanying the accounts, CEO Ms Gold said that she was pleased to report the 15pc growth in sales at the Irish unit and a 24pc reduction in operating losses to €702,522. After paying interest charges of €73,718, the business recorded a pre-tax loss of €776,240 - down 28pc on the pre-tax loss of €1.07m recorded in fiscal 2017.
The principle activity of the business is the sale of lingerie, apparel and adult toys. Ms Gold said that the group continues to make significant investment in its Irish and UK operations including a new IT infrastructure, key flagship stores and a brand re-launch - "all of which are part of a long-term strategy to grow our business". Ms Gold added: "We continued to roll out our store refurbishment programme both in the UK and Ireland.
The Blanchardstown and Henry St shops opened in 2017 and 2016 respectively.