Blanchardstown’s Krispy Kreme posts weekly revenues of €87,000

Doughnut business made strong profits in 2020 despite effects of pandemic shutdown

Krispy Kreme Doughnuts in Blanchardstown Centre: Its accounts show pretax profits fell 31.5 per cent to €1.247 million for the 53 weeks to the end of January 3rd this year. Photograph: Dara Mac Donaill

Krispy Kreme Doughnuts in Blanchardstown Centre: Its accounts show pretax profits fell 31.5 per cent to €1.247 million for the 53 weeks to the end of January 3rd this year. Photograph: Dara Mac Donaill

 

The Krispy Kreme outlet in Blanchardstown recorded average weekly revenues of almost €87,000 last year in spite of the shop being temporarily shut down by Covid-19.

New accounts for Krispy Kreme Ireland Ltd show the business continued to make strong profits in spite of the pandemic impacting operations for 10 months of the year under review.

The accounts for the Dublin shop show pretax profits declined by 31.5 per cent to €1.247 million for the 53 weeks to the end of January 3rd this year.

The drop in pretax profits followed revenues decreasing by 30 per cent from €6.59 million to €4.6 million or an average weekly revenue of €86,924 across the 53 weeks.

The Blanchardstown shop shut down between March and May last year due to the pandemic and the company received €121,000 in temporary wage subsidy scheme payments.

Swords plan

The company currently has a planning application before Dublin City Council for signage concerning an outlet at Central Plaza on Dublin’s Dame Street for opening “circa Christmas 2021 subject to planning permission being granted”.

It is also planning to open a shop this winter at the Swords Pavilion Shopping Centre in north Dublin.

Last year, the company paid out a dividend of €1.66 million.

The company recorded a post-tax profit of €1.07 million last year after paying corporation tax of €175,000.

The company’s earnings before interest, depreciation, tax and amortisation (Ebitda) last year totalled €1.76 million compared to €2.39 million in 2019.

Numbers employed in sales and manufacturing last year declined from 85 to 55. On January 3rd last, the company’s accumulated profits stood at €1.44 million while its cash funds amounted to €817,000.

There was a queue of 300 people when the store opened its doors at 7am on its first day of operation in 2018, with the outlet suspending its 27/4 drive through operation soon afterwards as local residents complained of queues.