Increased trade at global clothing and lifestyle brand, Ralph Lauren’s Kildare Village store last year contributed to revenues more than doubling to €8.3 million at its Irish retail operation.
Accounts filed by Ralph Lauren Ireland Ltd show despite the surge in revenues, pre-tax profits declined by 29 per cent to €346,314 in the 12 months to the end of April 2nd 2022.
The profits at the business declined as rent abatements reduced to €173,643 last year from €1 million in the prior year and Covid-19 wage subsidy scheme payments of €269,551 in fiscal 2021 did not re-occur last year.
The company’s revenues increased by 117 per cent from €3.85 million to €8.38 million as the business recovered from Covid-19 Government restrictions.
The directors state that the revenue of the company “is driven by the sales realised in the RL (Ralph Lauren) store in Ireland”.
The company commenced trading in August 2007 as a factory outlet store at the Kildare Village selling clothing and accessories.
Numbers employed last year increased from 63 to 71 as staff costs rose by 65 per cent from €690,502 to €1.13 million.
The accounts disclose that on November 7th last, Ralph Lauren Corporation issued a letter of comfort in respect of the provision of financial support to assist Ralph Lauren Ireland Limited in meeting its liabilities as and when they fall due.
The accounts disclose that in response to Brexit, management has set up new post-Brexit transportation flows “including to bypass UK territory with direct routes from our Central European Warehouse in Italy to our stores in the Republic of Ireland”.
On the business’s future developments, the directors state that the group will continue its strategy of refocusing on its core brands and evolving its product, marketing, and shopping experience to increase desirability and relevance.
The directors state that the business also intends to evolve its operating model to enable sustainable, profitable sales growth by significantly reducing supply chain lead times, improving its sourcing, and executing a disciplined multi-channel distribution and expansion strategy.
At the end of April 2nd 2022, the firm had accumulated profits of €1.87 million while its cash funds increased from €93,545 to €305,723.
Globally, Ralph Lauren recorded revenues of $6.22bn in the 12 months to the end of April 2nd 2022 exceeding pre-pandemic revenues in fiscal 2020.
