Revenues at the Smyths Toys retail empire across Ireland, the UK and Europe increased by 14.7 per cent to a record €2.49 billion last year.
Accounts filed by the family-owned business’s central European and French units show that the growth in the business was driven by sales increases.
Combined pretax profits at the retailer’s Irish, UK, Northern Ireland, Central European and French units total €54.6 million for 2023.
Numbers employed across the group increased to 7,985 last year with a combined staff cost bill of €231 million.
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The group’s superstore network now extends to 225 outlets.
The best performing unit on a like-for-like basis was Smyth’s Toys EU HQ Unlimited unit which accounts for retail sales across Germany, Austria, Switzerland, the Netherlands and online sales.
They show that revenues increased by €91.3 million or 14 per cent from €648.75 million to €740.1 million in 2023.
In a note with the accounts, the directors said the sales increase was driven bythe opening of 10 new shops during the year and increased market share
The accounts provide the first insight into the growth of Smyths Toys central European business in three years as auditor reports were filed for the unlimited company’s performance for 2021 and 2022.
Pretax profits at Smyth’s Toys EU HQ Unlimited last year totalled €19.9 million.
The accounts for its French arm, Smyths Toys FR Holding, show that revenues increased by 168 per cent from €102 million to €273.86 million but the 2022 accounts were for a six-month period following the Smyths Toys purchase of Picwic Toys.
The accounts show that Smyths Toys purchased the liabilities and assets of Picwic Toys for €20.7 million on July 6th, 2022, which included 41 stores and a website.
Smyths Toys made an initial investment of €50 million in Smyths Toys FR Holding.
On the first full year of the Smyth’s Toys French business, Smyths Toys FR Holding recorded a pretax profit of €5.1 million.
The note said the directors were pleased with the performance of the French unit “as they continue to develop the French business”.
Separate accounts for the Irish arm show that Smyths Toys Ltd last year recorded pretax profits of €5.97 million on revenues of €287 million. Numbers employed at the Irish arm total 739.
The combined revenues of the Republic and Northern Ireland business of €356 million now account for just 14 per cent of overall revenues of €2.49 billion in 2023.
The largest unit remains Smyths Toys UK which recorded £938 million (€1.12 billion) in sales last year.
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