Barry Group profits up 12% to €3m
Wholesale distribution company Barry Group today announced pre-tax profits of €3m for 2009, a rise of over 12% on the €2.67m it earned the previous year.
The company supplies product to over 700 stores including 237 affiliated stores in the Republic of Ireland operating under the Costcutter (Grocery Retail), Carry Out (Specialist off-licence), Buy Lo (Irish brands discount store) and Quik Pick (Convenience retailer) brands.
Turnover reported in the financial year ending January 31, 2010 showed a fall in sales from €212.5m achieved in 2008 to €207m in 2009, which the company attributes to a consumer spending slowdown and a significant reduction in the average cost per box, reported across the industry.
The company attributed its performance to its reaction to the current challenging trading market, saying it significantly reduced its cost base as well as upping its levels of services to its customer base.
“We’ve managed to increase our net profit on a reduced turnover through aggressively managing our cost base and prudent management of credit risk," MD Jim Barry said.
The company said it was actively seeking new sites across Ireland for Buy Lo, its Irish brands discount store, with the aim of opening eight new Buy Lo stores before the end of 2010, bringing the total number of Buy Lo stores to 10.
The company also plans to double the number of Carry Out stores by 2012.
