Ireland's Menarys sees profits rise

Northern Ireland-based department store Menarys has confirmed its recovery after posting a 53% increase in profits for the year ended 31 January 2017.


Menarys

The company said pre-tax profit surged from £162,000 to £249,000 over the period, despite turnover falling slightly from £20.6m to £19.3m.

Menarys operates 17 stores in the Republic of Ireland and Northern Ireland, including locations in Coleraine, Bangor and Cookstown. In addition to stocking men and women’s clothing, the department stores chain sells beauty products and homewares.

The rise in profits underlines the progress the company has made in the past two years after a turnaround strategy was launched to reverse years of loss-making. The turnaround plan has seen Menarys close stores in Portadown and Dublin and cut more than 30 jobs.

Directors said they aim to “maintain and improve upon” the positive impact of the repositioning of the Menarys brand.

The retailer is also gearing up to launch a transactional e-commerce website in the coming months.

Copyright © 2017 FashionNetwork.com All rights reserved.

Fashion - Ready-to-wearFashion - AccessoriesFashion - FootwearHome decorBusiness