Ikea Ireland reports record revenues as 3m people visit Ballymun store

Ikea’s Irish subsidiary paid an €11 million dividend to its Swedish parent last year as revenues jumped by more than 15 per cent to a record €152 million.

The home furnishings retailer, which last year opened a new outlet in Carrickmines in south Dublin in addition to its flagship store in Ballymun on the north side of the city, recorded the rise in turnover despite pretax profits falling 10 per cent, from €13 million to €11.8 million.

Newly-filed accounts for Ikea Ireland Ltd show operating profit also fell in the 12 months to the end of August 2016, declining from €14.6 million to €13 million.

The cost of sales at the company, which employed 567 people in Ireland last year, rose to €100 million from €87.4 million as administrative expenses increased to €38.7 million from €30 million.

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Staff costs at Ikea Ireland, which attracted more than three million visitors to its Ballymun store in 2016, rose to €17.2 million last year as the company took on an additional 110 workers.

The Irish subsidiary owed €31 million to group undertakings at the end of August, which includes a €3.7 million loan to Ikea Capital BV.

The Ikea Group reported a 20 per cent rise in profit last year.

Net profit increased to €4.2 billion in the full year through August as sales grew in 27 out of 28 of its markets. Revenue rose 7.4 per cent to reach a record €35.1billion.