Pre-tax profits at the Northern Ireland arm of retail giant Dunnes Stores last year increased by 60% to £20.3m (€23.2m).
New consolidated accounts filed to Companies House in the UK show that Dunnes Stores (Bangor) profits increased as revenues rose by 3% from £185m to £191m in the 12 months to the end of December 28 last.
Numbers employed by the company last year increased by 77 from 1,191 to 1,268 as staff costs rose from £19.18m to £20.4m.
The family owned Irish retailer operates 15 stores in Northern Ireland including four in Belfast, two in Derry and two in Newry.
The group recorded post tax profits of £14.13m after incurring a corporation tax charge of £6.17m.
According to the directors' report signed off by director Dr Anne Heffernan, the group's and company's balance sheets "are robust with strong cash flow and no external funding".
In a report accompanying the accounts, Dr Heffernan states "as a family company with generations of accumulated experience, we see things in the longer term and take our key business decisions accordingly".
In a rare statement on the progress of the Dunnes business, Dr Heffernan states that "Dunnes Stores philosophy is summed up by 'Better Value'. The board of directors believes that this philosophy underpins the success of the company in its first 75 years and it continues to guide us into the future".
Dr Heffernan also stated: "As a retail business, almost every decision we make is about providing customers with the widest, freshest range of food products and the most exciting fashion and homewares brands and in-store experience".
"All of our stakeholders work hard to achieve this. We know we depend on all of our people and partners and we aim to be a responsible partner and employer," she added.
The pre-tax profit also takes into account non-cash depreciation costs of £2.1m.
The most recent survey from Worldpanel by Numerator shows that Dunnes Stores is the most popular retailer in the market here, holding the highest market share of 23.5% with sales growth of 6.3% year-on-year.
At the end of last year, Dunnes Stores (Bangor) accumulated profits stood at £76.95m while its cash funds increased from £45.65m to £58.14m.
The company’s cost of sales last year increased by 2% from £142m to £145.1m with operating expenses dipping marginally from £28.94m to £28.3m.
Across the group, Dunnes operates 137 stores - 118 in the Republic, 15 in Northern Ireland and four in Spain.
Dunnes is one of the largest private employers in Ireland and does not file detailed accounts here as the business has unlimited status. The group’s estimated revenues for 2024 total €4.1 billion.
The first Dunnes Stores was opened by store founder, the late Ben Dunne on Cork’s Patrick Street in 1944.
Reporting by Gordon Deegan
