Homestore and More sales surge by 20%
Booming housing market boost business for home-related retailers
Homestore and More, which opened its first site in a retail park in Tallaght a decade ago, says it is now planning to expand its footprint over the next two years. Photograph: Moya Nolan
Homestore and More, the home furnishings retailer with 13 outlets across the country, boosted its sales last year by almost 20 per cent, as rising property prices lifted confidence among homeowners and shoppers.
Sales at Ogalas, the company behind the chain, rose from €53.2 million to almost €64.5 million in the 12 months to the end of January 2014.
The company made a profit after tax of €4.4 million, a near 50 per cent rise on the previous year, further underlining the improved climate for home-related retailers which are among the best-performing players in the retail sector.
The chain, in which the Argos owner Home Retail sold a one-third stake last year for €13 million, boosted staff numbers from 275 to 300 during the year.
Bigger footprintHomestore and More, which opened its first site in a retail park in Tallaght a decade ago, says it is now planning to expand its footprint over the next two years.
Ogalas, which is now majority controlled by management, has repaired its balance sheet over the last two years as the retail turnaround has taken hold.
The company now has shareholders’ funds of €21 million, and has moved from a position of having aggregate losses to an aggregate profit of €5 million.
In addition to its €4.4 million profits last year, it made a further €3 million over the previous 12 months.