Retail: Gap's profits hit €1.3m

The group recorded a 163pc increase in pre-tax profits from €497,286 to €1.3m in a difficult trading period for retailers.

Gap was boosted by the opening of new stores in Cork and Dundrum last year.

The US company opened its first store in Ireland at Dublin's Arnotts in 2006 and according to the company's directors, "the company generated solid profitability and a strong cash inflow from operating activities during the year".

"This trend has continued into 2010," the directors added. "Consequently, the directors believe the company is well placed to manage business risks successfully despite the current uncertain economic outlook and will continue in operational existence for the foreseeable future."

And the company said that it had plans to increase its presence in Ireland and seek opportunities to maximise profitability and market share.