Revenues at the firm that operates 16 Shaw & Sons department stores this year surged by 30% to €68.79m.
New accounts filed by the family owned Shaw and Sons Ltd show that pre-tax profits decreased by 71% to €2.5m as revenues rose by €15.95m from €52.8m to €68.79m in the 12 months to January 29 last.
The €2.5m pre-tax profit compares to a pre-tax profit of €8.7m in the prior year but the €8.7m profit figure was skewed by €7m received in Government grants that year.
The surge in revenues followed Covid-19 Government restrictions shutting down the firm's stores for 15 weeks in the prior year.
The business received zero Government grants this year and counts a former senior executive with Primark/Penneys, Breege O'Donoghue, as a non-executive director on the company's board.
The company also has a number of investment properties from which rental income is received and the business received "other income" of €293,664 this year along with €66.8m received for sale of goods and €1.65m generated from concession income.
Numbers employed increased from 518 to 686 as staff costs increased from €13.2m to €17.5m.
A breakdown of numbers employed show that 541 were engaged in retail sales, 132 in administration and management while numbers employed in warehousing and online fulfilment increased from nine to 13.
The profit takes account of non-cash depreciation costs of €1.26m and a gain of €476,770 on the disposal of tangible assets.
The retailer recorded a post tax profit of €2.16m after incurring a corporation tax charge of €341,579.
On the company's future developments, the directors state that they continue to focus on implementing the business strategy and striving towards becoming a modern onmichannel retailer.
Referring to the Covid-19 impact on the business, the directors state that the pandemic has had a significant effect on the results of the business in the previous two accounting periods.
The directors state that they "managed the business through those difficulties by implementing a number of measures during that time which enabled the business to continue".
The amount paid out to directors totalled €1.53m - made up of €1.37m in emoluments and €163,400 in pension contributions.
A note states that the directors salaries disclosed include the salaries of those connected with the directors, including that of a director's spouse, civil partner, parent, brother, sister or child.
The note states that Shaws is a family company with multiple family members from several generations currently working in the business.
The directors point out that the impact of a Companies Act provision is that all family members, most of whom are not on the board, are included in the directors' pay figures along with the executive and non-executive directors.
At the end of January last, the firm's shareholder funds totalled €48.36m that included accumulated profits of €36.3m.
The firm's cash funds declined from €9.1m to €8.52m.
Reporting by Gordon Deegan
