Pre-tax profits increased by 66 per cent at the Irish arm of fashion retailer, Next to €3.07 million this year.
New accounts show that pre-tax profits at Next Retail (Ireland) Ltd surged as revenues increased sharply by €25.22 million to €87.7 million in the 12 months to the end of January 28th this year.
The pre-tax profits of €3.07 million compare to pre-tax profits of €1.84 million in the prior year.
The directors state that “the trade in the prior year was impacted by the restrictions imposed on store openings as a result of the Covid-19 pandemic”.
They state: “this resulted in a lower profit in the prior year. Total assets remain in line with expectations given the nature of the business as a retailer”.
Numbers employed by the business increased from 817 to 854 as staff costs increased from €9.23 million to €13.59 million.
The profit this year takes account of non-cash depreciation costs of €1.05 million.
The company recorded a post tax profit of €2.67 million after paying out €402,000 in corporation tax.
On the outlook for the business, the directors state that “the company will continue to focus on managing its overall financial position, cash flows and liquidity whilst trading through its stores.
