Tiffany’s Irish unit sparkles as profits jump

The Irish business of jeweller and luxury goods retailer Tiffany’s saw its pretax profits increase more than three fold to €178,000 last year.

New accounts for Tiffany & Co (Jewellers) Ltd show that the business increased its profits after revenues rose by 55 per cent from €2.55 million to €3.95 million. The pretax profits of €178,000 last year compares to pretax profits of €55,000 in 2020.

The directors state that the company recorded a gross margin of 41 per cent and a net pretax profit margin of 5 per cent. They state that the increase in pretax profit margin and sales was due to temporary store closure in the national lockdown in the prior year.

The firm’s lease charges last year increased from €379,000 to €472,000, while staff costs rose from €474,000 to €574,000. Numbers employed declined by one to 10. Shareholder funds totalled €620,000.

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During the year the Irish arm of Tiffany was part of the global Tiffany business that was purchased for €15.8 billion by luxury goods giant LVMH.

Separate accounts for the Irish arm of crystal product and fashion jewellery firm Swarovski show that it returned to profit last year. Accounts for Swarovski Ireland Ltd show that the firm recorded pretax profits of €669,000 after sustaining a pretax loss of €782,000 in 2020. This followed revenues increasing by 9 per cent from €2.92 million to €3.17 million.

The company operates through four store locations in Dublin and through sales to authorised resellers in Ireland.

The directors state that the Covid-19 pandemic continued to have an impact on the results of the company, with temporary closures of the company’s retail outlets in early 2021 due to government restrictions impacting non-essential retail.

Numbers employed by the business reduced from 40 to 33 as staff costs increased from €634,000 to €671,000. The profits take account of non-cash depreciation costs of €503,000. Shareholder funds at the company last year totalled €2.2 million that included €581,000 in accumulated profits.

The business is headquartered in Switzerland, and cash funds increased from €1.45 million to €1.94 million.