The Northern Ireland arm of Dunnes Stores saw its profits more than treblelast year, accounts filed with the UK’s companies’ office show.
Dunnes Stores (Bangor) Ltd generated an overall profit after tax of £9.8 million (€11.7 million) in the year ended December 29th, 2023, which was up from £2.6 million the year before.
The company is a subsidiary of the unlimited Dunnes Holding Company, the parent entity for the Dunnes Stores group, which is not obliged to file accounts. The figures for the Northern Ireland entity offer the only window into Dunnes Stores’ financial performance.
Turnover increased from £158.7 million to £185 million, but the cost of sales also rose from £126.9 million to £142 million.
The headcount at the group’s Northern Irish operation rose from 1,100 to 1,227 over the year, and total staff costs came to £19.2 million, which was up from £17.9 million in 2022.
Directors were not remunerated by the Northern Irish entity in the year, with the accounts noting that these costs are borne by another group company.
In a note on behalf of the directors, Anne Heffernan pointed out that the retail industry is currently “highly competitive”.
She said the main risks and uncertainties facing the group were mainly associated with “the current economic climate”, and the normal flows of supply and demand.
“Dunnes Stores’ philosophy is summed up by better value,” she said. “The board of directors believe that this philosophy underpinned the success of the business in its first 80 years, and it continues to guide us into the future.
“As a family company with generations of accumulated experience, we see things in the longer term and take our key business decisions accordingly.”
She also said the company aims to be a “responsible partner and employer”, and that it is aware that “we all share a common environment”, adding that the company is “continually looking for ways to work more sustainably”.
- Sign up for the Business Today newsletter and get the latest business news and commentary in your inbox every weekday morning
- Opt in to Business push alerts and have the best news, analysis and comment delivered directly to your phone
- Join The Irish Times on WhatsApp and stay up to date
- Our Inside Business podcast is published weekly – Find the latest episode here
