Primark’s Penneys stores in Ireland took a €72.1m hit to retail revenue final year attributable to Covid-19 enforced closures.
he first location of Irish-fully accounts made available by Penneys’ proprietor reveals revenue on the retailer fell to €482.2m within the year to September 18, down from €554.4m within the old year.
The 13notebook pc tumble suffered by the more cost-effective mark clothing chain got right here true by a period marked by pandemic lockdowns,
All Irish Penneys stores were shut from October 22 to November 30 in 2020 and on the other hand from early January 2021 until Might maybe well per chance merely 10 final year
Despite the Covid-19 impact, the corporate repaid €22.9m it obtained in wage subsidies supports from the Suppose true by the period.
Not like varied fundamental retail producers, Penneys used to be no longer in a save of dwelling to count on online gross sales to carry out up for just among the lost gross sales true by Covid-19 shutdowns of its ‘bricks and mortar’ retail outlets.
The directors remark within the accounts that they “count on the corporate’s fleshy-year gross sales and revenue to be elevated subsequent year with the elimination of Covid-19 restrictions”.
Penneys acknowledged it intends to invest over €250m within the Irish market over the following 10 years and lengthen its retail save by 20notebook pc within the following three years.
This investment choices a brand original 43,400 sqft retailer on the Square, Tallaght this autumn, a relocated retailer in Dundrum that will feature 60,000 sqft in retail save and existing retailer redevelopments.
The corporate is also making a €60m investment in its Patrick Road retailer in Cork and a €20m investment within the Eyre Square retailer in Galway.
Primark opened its first retailer in Dublin in 1969 below the title Penneys and has grown to 37 locations since then. This day the industry operates over 380 stores in 13 countries all the plot in which by Europe and America.
Penneys’ accounts also tell that the industry, which is within the demolish owned by Associated British Meals, has paid out money dividends totalling €475m – €200m final October and €275m in January 2022.
Penneys paid no dividend final year after paying out dividends of €150m within the prior period retaining much of 2020.
Earnings for Primark Ltd final year rose 4pc to €2.36bn, the bulk of which were made up of inter-company offers of inventory at €1.61bn, the Irish retail revenue of €482.2m and Primark Manner franchise earnings of €263.9m.