Profit jumps by a quarter at discount retailer Euro Giant

Discount retailer Euro Giant last year saw pretax profit jump by a quarter last year to €1.99 million.

Accounts just filed for the retail chain’s parent, Euro General Retail Ltd, show improvement came despite a €2 million fall in revenues to €69.6 in the 12 months to May 10th last.

Those profits allow for exceptional costs of €1.11m connected to a substantial increase in shipping costs, a figure that almost doubled from €573,000 the previous year.

Euro Giant, which sells novelty goods, household goods and confectionery, has a network of more than 80 stores around the State. Company founder Charlie O’Loughlin opened his first discount store on Dublin’s Moore Street in 1990.

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Numbers employed by the business last year increased by 14 from 548 to 562 and staff costs increased by 4 per cent to €12.95 million.

The directors said they consider the results to be satisfactory, considering ongoing operational difficulties brought on by the Covid pandemic during the year.

The business continued to expand during the year with the directors confirming the purchase of a trading business for €5.3 million and an investment property for €3.6 million.

Operating profit last year rose by 43 per cent to €3.17 million before the exceptional costs reduced the figure to €2.06 million. Interest charges of €62,156 brought the pretax figure to €1.99 million compared to €1.6 million during the pandemic-impacted prior year.

The firm did not pay a dividend and the profits further strengthened the business’s balance sheet with accumulated profits now standing at €22.4 million. Cash funds fells from €11 million to €7.14 million.