Irish retailer Dunnes Stores' Northern Ireland business returned to profit in 2021, according to local media reports.
National broadcaster RTÉ, citing new accounts filed by the company, said that division posted pre-tax profits of £6.42 million (€7.25 million), while revenue increased by 17% to £118.76 million (€135.4 million) from £101.75 million (€116 million) in the year before.
In 2020, the division's pre-tax profits amounted to £6.4 million (€7.3 million).
The retailer reduced staff numbers in Northern Ireland from 1,034 to 987 in this period.
The company's accumulated profits amounted to £45.19 million in 2021 compared to a year before, while its cash funds increased to £38.06 million from £26.45 million, the report added.
Dunnes Stores completed the closure of all stores in England and Scotland in 2018, but continues to operate 15 stores in Northern Ireland, including four in Belfast, two in Derry and two in Newry, the report noted.
Dunnes Stores Share Performance
According to the latest data from Kantar, Dunnes Stores reported sales growth of 7.2% year-on-year to sit on a value share of 22.3%, boosted by an increase of new shoppers (+4.7%) and shopping trips (+1.7%).
Grocery price inflation hit 11% in Ireland, with take home grocery sales rising by 1.8% in the 12 weeks to 4 September.
Elsewhere, Musgrave Northern Ireland has announced that it has invested £3.2 million (€3.8 million) in rejuvenating four SuperValu stores in Northern Ireland.
Creating six new jobs in the local area, Musgrave invested £1.1 million in its store in Portstewart, which now features a new hot and cold deli counter, a Moo’d Ice Cream bar and an expanded bakery, as well as an off-licence.
© 2022 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.