Pre-tax profits at the Irish business of jeweller and luxury good retailer, Tiffany enjoyed added sparkle last year as pre-tax profits increased by 58% to €281,000.
New accounts for Tiffany & Co (Jewellers) Ltd show that the business recorded the increase in profits after revenues rose by 36% from €3.95m to €5.37m.
The €3.95m revenues for 2021 were for an 11 month period compared to the 12 month period for 2022.
The pre-tax profits of €281,000 for 2022 follow pre-tax profits of €178,000 in 2021.
The directors state that the company recorded a gross margin of 44% and a net pre-tax profit margin of 5%.
The firm's lease charges last year increased from €472,000 to €937,000 while staff costs rose from €574,000 to €673,000.
Numbers employed increased by one to 11. Shareholder funds totalled €863,000.
In 2022, the Irish arm of Tiffany was part of the global Tiffany business that was purchased for €15.8bn by luxury goods giant, LVMH.
Separate accounts for the Irish arm of crystal product and fashion jewellery firm, Swarovski show that pre-tax profits declined by 28% from €669,000 to €481,000 last year.
The drop in pre-tax profits at Swarovski Ireland Ltd came despite revenues increasing by 45% rising from €3.17m to €4.59m.
The company operates through four store locations in Dublin and through sales to authorised resellers in Ireland.
The directors state that Swarovski Ireland has seen "a positive recovery in consumer confidence following the impact of Covid-19 pandemic in the previous two years".
The directors state that "the decrease in profit is mainly due to no Covid retail concessions in 2022 combined with refurbishment costs of some of retail portfolio".
The directors state that profits were also hit by "enhancements to the variable pay structure for retail employees and increases in variable rent payable due to higher turnover".
Numbers employed by the business increased from 33 to 35 as staff costs increased from €671,000 to €797,000.
The profits take account of non-cash depreciation costs of €327,000.
Shareholder funds at the company last year totalled €2.6m.
The business is headquartered in Switzerland and cash funds decreased from €1.94m to €741,000.
Reporting by Gordon Deegan
