Pre-tax profits at Krispy Kreme Ireland declined by 31.5% to €1.247m last year.

Its Blanchardstown outlet was "the best performing" Krispy Kreme store across its 1,300 strong network in 31 countries the previous year.

The drop in pre-tax profits for Krispy Kreme Ireland Ltd followed revenues decreasing by 30% from €6.59m to €4.6m or an average weekly revenue of €86,924 across the 53 weeks to the end of January 3 this year.

Krispy Kreme in Blanchardstown shut down between March and May last year in line with Government restrictions aimed at halting the spread of Covid-19 and the company received €121,000 in Temporary Wage Subsidy Scheme payments.

According to the directors, the business was able to re-open in May 2020 and despite being impacted by the pandemic during the year the business "has remained profitable in 2020 and is able to look forward to a future of investment and growth".

The company currently has a planning application before Dublin City Council for signage concerning an outlet at Central Plaza on Dublin's Dame Street for opening "circa Christmas 2021 subject to planning permission being granted".

The company is also planning to open a store this winter at the Swords Pavilion Shopping Centre in north Dublin.

Last year, the company paid out a dividend of €1.66m.

The directors state that the business "began 2020 from a sound base of growing revenue, strong profitability and high levels of cash generation".

The opening of the Blanchardstown store on September 26, 2018, was greeted by a consumer mania not seen in Ireland in recent years.

There was a queue of 300 people when the store opened its doors at 7am on its first day of operation, making it the biggest store opening for Krispy Kreme across the world at the time.

During the height of the craze for the likes of the Original Glazed doughnut, residents were posting footage on social media of cars beeping their horns while motorists waited for service in the middle of the night.

The directors said that the business makes freshly made doughnuts every day with quality ingredients, utilising a secret recipe.

The company recorded a post tax profit of €1.07m last year after paying corporation tax of €175,000.

The company's earnings before interest, depreciation, tax and amortisation (EBITDA) last year totalled €1.76m compared to €2.39m in 2019.

Numbers employed in sales and manufacturing last year declined from 85 to 55. On January 3 last, the company's accumulated profits stood at €1.44m while its cash funds amounted to €817,000.