Sales at Arnotts rise as refurbishment programme continues
Sales at luxury department store Arnotts increased by 5.3% to €75.3m last year but a continued investment programme at the Dublin site resulted in an operating loss of €523,000.
The retailer, based on one of Central Dublin’s busiest streets, was acquired by Selfridges Group at the end of November 2015.
According to the Irish Independent, the store is planning to open a new lingerie department in spring of 2018 and will welcome exclusive perfume brand Jo Malone in November.
While accounts show there was a gross profit of €40.1m during the period (up 3.5% year-on-year), operating profit plummeted following a €2.5m investment in capital projects such as the launch of new brands, including Mac and Charlotte Tilbury, and additional store improvements.
Pre-tax profit reached €204,000 when interest and other income is included.
"It has been another strong year of progress for Arnotts. In particular, we've made considerable advancements in our refurbishment and online programme," said managing director Donald McDonald.
"We continue to attract a growing number of new customers, which is making a significant contribution to our revenue."
The company said beauty, womenswear, accessories and homeware are all performing well, and that the outlook for 2017 looks “very encouraging”. In August, the company received a €4m investment from the Selfridges Group to carry out further store and tech improvements.
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