Irish arm of Hugo boss returns to profit

The Irish arm of clothing retailer Hugo Boss last year returned to pre-tax profit as the business enjoyed a boost from online sales. Accounts show that Hugo Boss Ireland Ltd last year recorded pre-tax profits of €472,867 after recording a modest pre-tax loss of €3,688 in 2020.

The business returned to pre-tax profit after revenues increased by €3.3 million or 33 per cent from €10.1 million to €13.44 million.

The firm only launched its online channel here in 2019, and last year online sales accounted for 17 per cent of €2.28 million of sales.

In a note with the accounts the directors said that the remainder of revenues broke down into 53 per cent from retail and 30 per cent from wholesale. “Our online channel continues to grow.”

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The 17 per cent achieved in online sales last year compares favourably with Hugo Boss’s UK business achieving online sales of 10 per cent of overall sales in 2021.

The accounts also noted that the retailer’s relocated Kildare Outlet store opened during the year and said that the company “continues to look for new retail opportunities in Ireland.”

The profit last year takes account of non-cash depreciation costs of €1.33 million.

The firm recorded operating profits last year of €535,170 and interest payments of €62,303 reduced that to a pre-tax profit of €472,867.

The business recorded an operating profit of €59,715 in 2020 and interest payments of €63,383 resulted in the 2020 pre-tax loss of €3,668.

Numbers employed by the firm last year increased from 31 to 33 as staff costs reduced from €1.03 million to €712,407. The firm received €146,343 in Covid-19 wage supports in 2020 and none under that heading in 2021.

The directors proposed a final dividend of €400,000 for approval by shareholders at the annual general meeting.

Shareholder funds totalled €4.6 million.

The German-owned retailer’s UK business last year recorded pre-tax profits of £20.94 million after revenues increased by £100.5 million from £218.7 million to £319.27 million.