Ann Sum­mers se­cures rev­enue leap

Irish Independent - Business Week - - BUSINESSWEEK - Gor­don Dee­gan

BUMPER sales of pink-fur play hand­cuffs and satin-and-lace blind­folds sent rev­enues at the Ann Sum­mers re­tail chain here soar­ing to €3.188m last year.

Boosted by the cinema re­lease last year of the lat­est in­stal­ment of the ‘Fifty Shades’ fran­chise, rev­enues at Ann Sum­mers Ire­land (Re­tail) Ltd in­creased by 32pc – go­ing from €2.4m to €3.18m in the 12 months to June 24 last.

The com­pany’s busi­ness was also boosted by the open­ing of a fifth store here last year at Blan­chard­stown. This fol­lowed a new store open­ing on Dublin’s Henry Street in 2016.

Costs as­so­ci­ated with the new store open­ing con­trib­uted to pre-tax losses at Ann Sum­mers in­creas­ing marginally, from €1.01m to €1.07m.

How­ever, the new ac­counts – signed off by Jacqueline Gold and Vanessa Gold – show that open­ing of the new store con­trib­uted to lease costs last year in­creas­ing from €985,000 to €1.296m. The busi­ness shut down its flag­ship store on O’Con­nell Street in Dublin in De­cem­ber. In the run-up to its open­ing 17 years ago Jacqueline Gold re­ceived a bul­let in the post as part of the op­po­si­tion to the plan.

The prin­ci­ple ac­tiv­ity of the com­pany is the re­tail of lin­gerie, ap­parel, adult toys and re­lated ac­ces­sories. The direc­tors state that they will con­tinue with its plans to prof­itably grow the busi­ness through a cus­tomer fo­cus “in ev­ery­thing we do; our store re­fit pro­gramme; prod­uct in­no­va­tion; sys­tems trans­for­ma­tion and de­vel­op­ing and re­tain­ing our brand”.

The ex­pan­sion of the busi­ness last year re­sulted in numbers em­ployed in­creas­ing from 33 to 44 with staff costs go­ing up from €544,354 to €760,232.

The com­pany in­curred a for­eign ex­change loss of €153,759 and this fol­lowed a for­eign ex­change loss of €473,855 in 2016.

The costs as­so­ci­ated with the new store open­ing re­sulted in ad­min­is­tra­tive costs in­creas­ing from €2.33m to €3.2m last year.

Prior to the Blan­chard­stown open­ing, Ann Sum­mers op­er­ated four shops here – on Dublin’s O’Con­nell Street and Henry Street along with out­lets at Cork and Lim­er­ick.

Ac­counts for a separate Ir­ish Ann Sum­mers firm show that it more than halved its losses to €228,600 last year.

Ann Sum­mers has boosted sales by open­ing a fifth store

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