Massimo Dutti profit doubles to €433,000

PRE-TAX profits at the Irish arm of fashion retailer, Massimo Dutti last year more than doubled to €433,000, new figures show.

Massimo Dutti Ireland operates two stores here – one at the Dundrum shopping centre and the second at 65/66 Grafton Street which premises previously housed HMV’s flagship Irish operation.

The new accounts show that the company enjoyed the surge in profits after revenues increased by 10pc, going to €8.84m from €8m in the 12 months to the end of January 31 this year.

According to the directors’ report, they plan to open further stores as soon as suitable opportunities arise, and for the company to increase profitability as a result of the continuing increase in sales.

The fashion retailer operates its Grafton Street outlet over three storeys, and this contributed to the firm’s operating lease costs totalling €1.373m in 2017/18.

Profits were hit at the firm in 2015 by the closure of the company’s Dundrum store for a period as it underwent a refurbishment.

The accounts disclose that during the year the company paid out a dividend of €361,000 to its immediate parent. Numbers employed decreased from 43 to 41 with staff costs decreasing from €1.2m to €1.16m.

The profits take account of non-cash depreciation costs of €410,000. Accumulated profits stood at €584,000.

Shareholder funds totalled €2m.