Boots sees turnover and profits rise in Ireland

Operating profit increased by €4.3 million over the last 17 months

 

The Irish arm of retailer Boots recorded a pre-tax profit of €24.7 million on turnover of €453 million for the 17 month period covering April 2014 to August 2015, newly-filed accounts.

This compares to a €20 million profit on revenues of €298 million for the preceding 12 months.

Operating profit increased to €24.3 million versus €20 million for the same period. Within the operating profit was €600,000 in exceptional costs relating to the closing of its defined benefit scheme with a final settlement of €1.5 million paid in March 2015.

Net assets for the Irish unit, whose ultimate parent is Walgreen Boots Alliance, totalled €108.3 million versus €119.6 million at the end of the prior reporting period.

In a note accompanying the accounts, the directors of Boots Retail (Ireland) Limited, said the company delivered a strong performance during the 17 months under review due to “new store openings...(and) good retail growth.” This was partially offset by lower dispensing reimbursement rates.

“The company’s commercial skills and ability to respond flesbily to changing consumer demand is highly developed. Its strategy remains to continue to enhance its market leading position in pharmacy-led health and beauty reatiling in the Republic of Ireland, backed by differentiated brands and expert customer service,” it said.

Boots opened five additional stores and closed one during the reporting period with a further three having opened since then.

The company, which employs more than 1,600 employees in Ireland, said staff-related costs, including wages and salaries, totalled €85.5 million.

The first Boots store opened in Ireland in 1996. It now has more than 80 stores here.