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Smyths Toys Ireland Sees Pre-Tax Profits Jump to Over €5m

Pre-tax profits at the Irish business of toy retail giant Smyths last year increased by 22.5 per cent to €5.33 million.

New accounts for Smyths Toys Ltd show revenues for its Irish operation increased by €49 million (22.5 per cent) from €217.56 million to €266.66 million.

The Smyth family opened their first toy store in Galway more than three decades ago.

The firm operates 21 stores in the Republic, with revenues last year working out at an average of €12.7 million per store. Sales of Lego, Hotwheels, Biggies, Nerf Guns and Paw Patrol drove revenues.

The revenues of €266.66 million represent 19 per cent of the group’s €1.38 billion business across Britain, Northern Ireland and the Republic last year.

The Irish unit of Smyths paid out dividends of €12 million last December. The directors said the increase in revenues was primarily driven by an increase in footfall to stores as customers returned to shopping post-Covid.

The directors said they were 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 choose toys from the retailer’s 340-page catalogue.

The Republic of Ireland business of Smyths 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 per cent to £910.78 million (€1.05 billion).

The business operates Smyths stores across England, Scotland and Wales and pre-tax profits increased by 8 per cent to £19.49 million.

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.

Smyths Toys now operates 41 stores in France and has also expanded to Holland 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, Holland and Switzerland.

The business is operated by the Smyth family from Co Mayo. 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.

Source : Breakingnews