Pre-tax profits at the Irish business of Galway headquartered toy giant Smyths increased by 22.5% to €5.33m last year.
The Smyth family opened their first toy store in Galway more than three decades ago and now new accounts for Smyths Toys Ltd show revenues for its Irish operation increased by €49m or 22.5%, from €217.56m to €266.66m.
The firm operates 21 stores and the revenues last year work out at an average of €12.7m per store as sales of Lego, Hotwheels, Biggies, Nerf Guns and Paw Patrol drove sales.
The revenues of €266.66m represent 19% of the group's €1.38bn revenues across the UK, Northern Ireland and the Republic last year.
The Irish unit of Smyths paid out dividends of €12m last December and the directors state that the increase in revenues was primarily driven by an increase in footfall to stores as customers returned to stores post Covid-19 restrictions.
The directors state that they are pleased with the results "particularly given the current economic climate and the competitive marketplace".
The business is currently heading into its busiest time of the year in the run-up to Christmas as children chose toys from the retailer’s 340 page toy catalogue.
Numbers employed by Smyths Toys here last year increased by 157 from 546 to 703 and staff costs increased from €14.29m to €17.45m.
The profits for last year take account of non-cash depreciation costs of €1.29m and operating lease costs of €3.3m.
At the end of December last year, the firm’s shareholder funds totalled €6.58m that included accumulated profits of €5.94m.
The firm’s cash funds increased from €6.09m to €8.9m. The firm recorded a post tax profit of €854,000 after incurring a €270,000 corporation tax charge.
The Republic of Ireland business of Smyths today represents a small proportion of the group’s business that today extends across the UK, France, Holland, Germany, Austria and Switzerland.
In a record sales year for Smyths Toys UK Ltd, revenues surged by 16% or £122.78m from £788m to £910.78m (€1.05bn).
The business operates Smyths stores across England, Scotland and Wales and pre-tax profits increased by 8% from £18.1m to £19.49m (€22.42m).
Numbers employed by Smyths Toys UK Ltd increased by 326 from 2,979 to 3,305.
The number of stores in England, Scotland and Wales today totals 113 and its separate Northern Ireland arm operates seven stores.
The size of the overall business across the UK, Ireland and Europe has increased sharply since last year with the expansion into France following the acquisition of PicWic Toys in France in July 2022.
Today, Smyths Toys operates 41 stores in France and has also expanded to the Netherlands with the opening of three stores there.
The firm’s German business has also expanded with the opening of three new stores there since last year bringing the total to 70.
The number of stores in Austria and Switzerland has remained at the same level at 17 and 11.
The increase in business last year has resulted in Smyths Toys having 283 stores today across Ireland, the UK, France, Germany, Austria, the Netherlands and Switzerland.
The business is operated by the Smyth family from Co Mayo and family member and one of the directors of the business, Liam Smyth died aged 60 in July.
Along with his brothers, the Claremorris native helped grow Smyths Toys to the thriving multi-national retail chain it is today.
