The Irish arm of Foot Locker, one of the well known retail brands that suffered looting during the recent riots in Dublin city, recorded pre-tax losses of €115,000 last year.
The US-headquartered Foot Locker operates seven stores here, including its Lower O’Connell Street outlet, where footage was broadcast of looters entering the store on the night of the riots of November 23rd.
New accounts show that the operator of the seven stores, Foot Locker Retail Ireland Ltd recorded the pre-tax losses of €115,000 after enjoying a pre-tax profit of €161,000 in 2021 – a negative swing of €276,000.
The firm recorded the losses after revenues increased by 16 per cent from €9.95 million to €11.54 million.
The company’s outlets here are located on Lower O’Connell Street, Grafton Street, Blanchardstown Upper Mall, The Square, the Ilac Centre on Henry Street and the Pavilions Shopping Centre in Dublin along with one outlet in Limerick.
The business sells the best known shoe brands including Adidas, Nike, Converse and Puma.
The directors state that they are satisfied with the results for the year. They state that “during the year, although normal business operations were disrupted due to Covid-19 restrictions, turnover was slightly higher by €1.5m".
The accounts show that the pre-tax loss of €115,000 takes account of combined non-cash amortisation and depreciation costs of €459,000.
Numbers employed by Footlocker last year dipped by one to 23. The firm’s operating lease costs last year totalled €1.93 million following a spend of €2.73 million under that heading in 2021.
Staff costs last year increased from €880,269 to €1.18 million while the company’s rates and levies bill totalled €104,379. The company’s marketing spend last year increased slightly, rising from €249,409 to €253,974.
Insurance costs last year increased from €37,933 to €46,968, while there was a large jump in professional fees, rising from €77,597 to €439,161. The company’s HR costs increased from €783,281 to €824,067.
At the end of December, the firm shareholders’ equity of €7.6 million, made up of a capital contribution of €11.65 million offset by accumulated losses of €4.86 million.
The company’s cash funds increased from €2.2 million to €3.58 million.
Globally last year, Foot Locker recorded revenues of $8.7 billion and had pre-tax profits of $542 million.
