Sales Decline at Smyths Irish Toy Stores Chain
The Smyths Toy Stores chain in Ireland experienced a slight decline in sales last year, while its pretax profits saw a significant increase. The company’s revenue from retail sales in its 21 stores across the Republic of Ireland dropped by slightly more than 1 percent, totaling €282.1 million, down from €285.7 million in 2023.
Financial Performance Overview
Despite the decline in retail sales, Smyths Toys Limited reported an overall turnover increase of 3.3 percent, reaching €296.6 million. This growth was attributed to revenue from services provided to group companies. The company also announced that its pretax profits surged by nearly 17 percent, amounting to €6.97 million.
Dividend and Shareholder Benefits
In a move beneficial to its stakeholders, Smyths Toy Stores increased its dividend payout to shareholders from €5 million to €8 million. All shareholders are part of the Smyth family, who are actively involved in the company’s operations.
Employee and Operational Insights
- The workforce grew to 753 employees, up from 739 in 2023.
- Operating costs for staff saw a 7.7 percent rise, approaching €20 million.
UK Market Performance
On a broader scale, Smyths announced record sales of £953.5 million (€1.09 billion) for its UK operations, marking a 2 percent increase from the previous year. Pretax profits in the UK were relatively stable, reported at £18.5 million.
As Smyths Toy Stores prepares for the upcoming Christmas season, it eyes potential growth opportunities, particularly in addressing the challenges of the Irish market.
