Accounts filed this week for Smyths’ EU business cover the period from its incorporation until the end of 2018.
As reported by The Irish Times, sales at the retailer’s Irish division rose last year to almost €226m, while the new European division generated almost €14m in profits. Last year, Smyths bought ninety-three stores in Germany, Switzerland and Austria, which generated sales of at least €340m and generated profits before tax of €13.6m, according to accounts filed in Dublin. The new European operations added 2,500 staff to the Smyths group and brought with it a €45.5m deferred tax liability, as well as a €26.6m pension liability related to the German and Austrian operations.
Separate accounts filed by Smyths Toys Unlimited detail the performance of its Irish stores, which generated profits of almost €5m on its €226m sales. The division employs around 624 people. Sales at the Irish division rose by more than 6% last year to €226m. Taken together with the €673m in sales for 2018 recently reported by Smyths UK, the combined figures confirm that the overall group exceeded €1b annual sales barrier with the company’s European expansion.
Smyths expansion in the central European market has included the rebranding of former Toys R Us stores. In June, a new Smyths superstore opened in Munich, and existing outlets are expanding. The group is also building a new 50,000 sq m distribution facility in northern Germany.