Dunnes Stores UK Profits Fall
Published on Nov 11 2014 10:03 AM in Retail
Dunnes Stores UK business has seen pre-tax profits fall by 13% to £13.8 million (€17.6 million) as a result of a drop in revenues. The UK sector of Dunnes lodged returns to Companies House in the UK which showed that revenues dropped by 11% from £157.55 million to £140.52 million in the 12 months to February 1, 2014.
Last year Dunnes Stores (Bangor) also paid dividends of £470,000 to its Irish parent Dunnes Stores (Henry Street), following a dividend payment of £3.53 million in 2013. Dunnes profits were shown to reduce as a result of the revenue and gross profit margin decrease from 38.28% to 37.84% in 2013.
The UK operations of Dunnes showed operating profits fell by 12% from £15.2 million to £13.4 million. However, the company’s profits were seen to improve last year by £481,000 in interest receivable and other finance income compared to £721,000 in the same areas in the 2013 fiscal year.
Additionally, the company paid corporation tax of £3.6 million last year as opposed to the £4.3 million it paid in 2013. In regards to accumulated profits, there was an increase from £306.98 million to £317 million, while Dunnes cash increased during the year from £28.98 million to £104.16 million. While net assets were valued at £297 million last year, the profit takes account of non-cash depreciation costs of £3.18 million.