Staff numbers down and pre-tax profits fall 30% at Gap
Pre-tax profits at the Irish arm of US retail giant Gap fell 31 per cent last year to €828,269.
The US company opened its first store in Ireland at Arnotts in 2006 and, according to new filings “generated healthy profitability and a strong cash inflow from operating activities during the year”.
However, revenues at Gap Stores (Ireland) Ltd dropped 10 per cent to €9.4 million in the 12 months to the end of January 28th last.
Pre-tax profits declined from €1.2 million to €828,269.
Numbers employed by the group dropped from 100 to 82 and rental rental charges fell from €1.1 million to €958,068.