Concession shops now make up 25 per cent of sales at department store group Arnotts, managing director Mr Seamus Duignan said yesterday.
Sales at the group totalled €175.06 million (£137.77 million) for the year ended January 31st, a 15.7 per cent rise on the previous year. Pre-tax profits rose to €15.7 million from €14.2 million.
Speaking after the company's annual general meeting, Mr Duignan said: "Concessions are about 25 per cent of sales. Our policy position on that is we would not allow it to go much above that or we would lose control of what Arnotts is."
A number of shareholders at the meeting questioned the strategy of allowing concession shops operate from the Arnotts department store, with one saying there was a danger of the company becoming a property management company.
Regarding sales, Mr O'Connor said: "Barring unforeseen circumstances, we expect to see sales and profits advance over the year as a whole."
Arnotts spent €5.8 million refurbishing its Henry Street store last year and will proceed with its plans to refurbish its Boyers outlet on North Earl Street, beginning on February 1st next year, he said. The company is understood to be investing £4 million (€5.08 million) in the Boyers store.
