Revenues at the Smyths Toys retail empire across Ireland, the UK and Continental Europe increased by 14.7 per cent to a record €2.49 billion last year.
New 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 in its store network across Europe in 2023.
Combined pre-tax profits at the retailer’s Irish, UK, Central European and French units total €54.6 million for 2023.
Underling the scale of the Smyths Toys business across the territories it operates in, the various accounts show numbers employed increased to 7,985 last year with a combined staff cost bill of €231 million.
The group’s superstore network now extends to 225 outlets.
The best performing unit on a like-for-like basis was the Smyth’s Toys EU HQ Unlimited, which accounts for retail sales across Germany, Austria, Switzerland, Holland 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.
The directors state that the sales increase was driven by an increase in market share and the opening of 10 new stores during the year.
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 2022 and 2021.
Pre-tax profits at Smyth’s Toys EU HQ Unlimited last year totalled €19.9 million.
The new accounts for its French arm, Smyths Toys FR Holding show that revenues increased by 168 per cent 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.
On the first full year of the Smyth’s Toys French business, Smyths Toys FR Holding recorded a pre-tax profit of €5.1 million.
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The directors state that they are 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 pre-tax 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 €2.49bn in 2023.
The largest unit remains Smyths Toys UK which recorded £938m (€1.12 billion) in sales last year.
Sourse: breakingnews.ie
