WH Smith Ireland reports weaker profits as turnover rises
The Irish subsidiary of WH Smith, paid a €2.5 million dividend to its parent late last year after it recorded a 14% rise in revenues. However, the firm also reported a sharp fall in pre-tax profits as the cost of sales jumped 20%.
Files recently lodged with the Companies Registration Office show the retailer generated pretax profits of €1.1 million for the 12 months ending August 2016, as against €1.8 million a year earlier.
Turnover for the books, newspapers and stationary retailer rose to €26.9 million from €24 million as the cost of sales climbed to €14 million from €11.7 million. Staff-related costs also increased, rising to €2.8 million from €2.6 million as employee numbers grew from 87 to 107. Accumulated profits totalled €4.8 million at the end of the reporting period, versus €4.1 million a year earlier.
The company’s parent, which is listed in London, operates more than 1,300 stores in total. Sales at its travel division, which comprises outlets at airports, railway and motorway service stations as well as in hospitals and workplaces, increased 10% to the end of last August.
