Profits lose their sparkle at Irish arm of Tiffany

Pre-tax profits lost some of their sparkle at the Irish arm of jewellers Tiffany last year, falling by 59 per cent to €106,000.

The profits at Tiffany & Co (Jewellers) Ltd dropped, as revenues declined by 2 per cent from €3.43 million to €3.35 million in the 12 months to the end of January 31st last.

The jewellery company generated average weekly revenues of €64,500 from its only Irish branch, located within Brown Thomas on Dublin’s Grafton Street, and from online sales.

The company’s directors noted that its gross profit margin last year was 60 per cent, with its pre-tax profit margin of 3 per cent marking a decline from 8 per cent in the previous period. They attributed this fall to an increase in cost of sales and administrative expenses.

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The Irish company’s cash pile fell last year from €1.7 million to €1.2 million; its operating lease charges totalled €502,000 last year, down from €516,000 in the prior year; and accumulated profits rose from €172,000 to €255,000.