Profits continued to sparkle at Dublin jewellery retailer Appleby’s last year as it recorded profits of €441,983 after tax.
New accounts for the family owned retailer, Appleby Jewellers Ltd, show profits were 7 per cent higher in the year to last April than in the previous 12 months which covered the early stages of the Covid-19 pandemic.
Commenting on the business performance, director John Appleby said it enjoyed “a slight improvement” in the sales of engagement rings during the Covid-19 impacted period.
“The rate of engagement ring business was completely unaffected by the inability to hold a wedding,” he said. “People were anxious to mark all the positive developments in their lives. If anything, I’d say the engagement ring business improved.”
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Mr Appleby said directors were very happy with how the business — which employs 50 people — performed in the fiscal year.
“We were heavily impacted by the pandemic, but we recovered well. While like most retail businesses we were forced to close during lockdown, it was surprising how our customers were willing to continue to do consultations online.
“So, while Covid 19 had an absolutely massive impact on the business, it is surprising how resilient a good brand with a strong customer proposition has proven to be. Business bounced back very quickly and continues to be good.”
The family business, which was founded in the 1950s, manufactures, sells and repairs fine handcrafted jewellery.
At the end of last April, the company’s accumulated profits had increased to €2.6 million. The company had shareholder funds of €3.99 million and cash funds at the company doubled from €574,992 to €1.15 million.
The profit last year takes account of non-cash depreciation costs of €98,409 offset by €22,761 received in Government grants. Aggregate remuneration to directors increased by 85 per cent from €391,655 to €723,459.
