Fashion clothing group Bestseller sees profits decline in Ireland

The Irish wholesale business of Danish clothing group Bestseller, whose brands include Vero Moda, Jack &Jones and Only, paid a €1 million dividend to its parent last year despite a sharp fall in profits.

Accounts just filed at the Companies Office for Bestseller Wholesale (Ireland) Limited, show the firm, which specialises in fast, affordable fashion for men, women and children, recorded pre-tax profits of €1.8 million for 12 months ending July 31st, 2016. This compares to a profit before tax of €2.4 million in the prior year.

Turnover in the period was €45.4 million, a 3 per cent increase on the €44 million reported a year earlier. A breakdown of revenues shows €37.1 million derived from the Irish market with a further €8.25 million originating from the UK.

The company, which employs 34 people locally, had staff costs of €2.3 million last year with directors’ remuneration coming in at €389,233.

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Shareholders’ funds at the end of July 2016 totalled €14.4 million.

Bestseller Wholesale is owned by Atkieselskabet af 1/8 2007, which is incorporated in Denmark and controlled by members of the Holch Povisen family.

The group, which employs 15,000 people worldwide, was founded in 1975 by Troels Holch Povlsen in Brande, Denmark. It has more than 2,700 branded retail chains across 38 markets and its products are sold in 15,000 multibrand and department stores.