Revenues at the Irish arm of athleisure brand Lululemon this year more than doubled to €9.8m.
The 124% rise in revenues at Lululemon Athletica Ireland Ltd from €4.36m to €9.8m coincided with the first full year of operation of the brand's new flagship store on Dublin's Grafton Street.
The high end yoga apparel seller - popularised by the likes of supermodel Gisele Bundchen and Kendall Jenner - opened its stand-alone flag-ship store on Dublin's Grafton Street in the final quarter of 2021.
This followed the Canadian owned retailer signing a 10 year lease for 84 Grafton Street in a premises formerly occupied by retailer Pamela Scott.
Now, in the first full year operation of the new outlet, new accounts for Lululemon Athletica Ireland Ltd show that pre-tax profits increased by 133% rising from €109,210 to €255,312 in the 12 months to January 31, 2023.
Revenues were also boosted by Lululemon Athletica opening a concession outlet at Brown Thomas in Dundrum town centre on February 24, 2022. Before opening on 84 Grafton Street, Lululemon operated a concession outlet at Brown Thomas on the same street.
The brand also operates a concession at Brown Thomas's Patrick Street store in Cork city.
The directors state they are actively looking into new business opportunities for the company.
The expansion of the business here this year resulted in numbers employed almost doubling from 34 to 67 and staff costs increasing by 135% from €886,594 to €2.08m.
The company's profits were hit by a €222,039 cost under "other operating income" compared to €301,424 received under that heading in the prior year.
The firm's profits take account of non-cash depreciation costs of €214,021. Occupancy costs increased to €1m while operating lease expenses increased sharply from €128,577 to €373,465.
Management fee costs totalled €253,618 while miscellaneous expenses doubled from €218,784 to €406,238.
The company - which commenced trading here in 2017 - recorded a post tax profit of €239,736 after incurring a corporation tax charge of €15,576.
At the end of January last, shareholder funds totalled €1.35m made up of accumulated profits of €461,390 and capital contribution of €896,996.
The company's cash funds increased almost three fold from €1m to €2.85m.
Globally, in the 12 months to the end of January 29th 2023, Lululemon Athletica's revenues increased by 30% to $8.1 billion as pre tax profits remained flat at $1.33 billion.
At the end of January last, the brand operated 655 stores - up 81 on the 574 in operation at the end of January 2022.
Reporting by Gordon Deegan
