The main company behind the Penney's fashion chain in Ireland saw its profit before tax rise almost 6% last year to €416.6m.
That performance by Primark Limited was on the back of a turnover of €3.9bn, a 23% jump on the previous year.
Primark Limited is made up of the operation of retail outlets in the Republic of Ireland, as well as the Primark Way Franchise and Primark intellectual property, know-how and services provided to its businesses overseas.
During the year, Penney’s had 37 stores across the country. It has since opened a 38th outlet in Bray, Co Wicklow.
Turnover from the retail only part of the business was €744.5m, up from €693.1m in 2022, driven by higher footfall which led to increased sales, the company’s directors said in accounts just filed which cover the year to September 16th of last year.
While turnover from the intercompany supply of inventory in the financial period was €2.39bn, a 32% rise, propelled by a higher supply of stock to related countries across the Primark group.
Franchise income turnover was €784.6m, a €114.5m rise on a year earlier.
The company’s gross profit margin fell from 18% to 15.9%, primarily as a result of higher costs, with inflationary pressures on raw materials and freight costs contributing to the decrease.
The directors said the company intends to invest over €250m in the Irish market over the coming years, creating over 1,000 more jobs and increasing sales by around 20%.
Among the developments during last year at the firm was the relocation of the store in Dundrum to a new unit with 60,000 sq ft of retail space.
The company is also redeveloping stories in Patrick St in Cork, Eyre Square in Galway, Clonmel in Tipperary and Mary Street in Dublin.
It is also investing €75m in a warehouse and distribution facility in Newbridge, Co Kildare which is due to open this autumn.
The directors said there is a strong pipeline of new stores, as it aims to grow to 530 stores across the Primark Group by the end of 2026.
They said the group plans to open 24 new stores during the 2023/24 financial period.
The company paid €40.5m in tax, down from the €52.4m in the previous year.
No dividend was paid to its parent, Associated British Foods, after a €475m payout in 2022.
The group employed 7,064 people during 2023, up from 6,483 a year earlier.
