Pre-tax profits at the Irish business of Galway-headquartered toy giant, Smyths, last year increased by 22.5pc to €5.33m.
The Smyth family opened their first toy store in Galway more than three decades ago and now new accounts for Smyths Toys Ltd show revenues for its Irish operation increased 22.5pc from €217.56m to €266.66m.
The firm operates 21 stores and the revenues last year work out at an average of €12.70m per store as sales of Lego, Hotwheels, Biggies, Nerf Guns and Paw Patrol drove revenues.
The revenues of €266.66m represent 19pc of the group’s €1.38bn revenues across the UK, Northern Ireland and the Republic last year.
The Irish unit of Smyths paid out dividends of €12m last December and the directors say the increase in revenues was primarily driven by an increase in footfall to stores as customers returned post Covid-19 restrictions.
The directors say they are 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, with the year’s favourites traditionally boosted by the annual Late Late Toy Show.
Numbers employed by Smyths Toys here last year increased to 703. The Republic of Ireland business represents a small proportion of the group’s business. It has 283 stores today across Ireland, the UK, France, Germany, Austria, Holland and Switzerland.
In a record sales year for Smyths Toys UK Ltd, revenues surged 16pc to £910.78m (€1.05bn).
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.
Today, Smyths Toys 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 business is operated by the Smyth family from Co Mayo. Family member and one of the directors of the business, Liam Smyth died in July aged 60.
Along with his brothers, the Claremorris native helped grow Smyths Toys to the thriving multi-national retail chain it is today.
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