In its first published set of results, the Irish operation has seen profits and revenue decline, but says stores are now trading strongly.
This is the first time Smyths Toys has revealed financial figures for the Irish business, having previously been an unlimited company. It changed its status to that of a limited company in January 2021.
The results reveal that turnover and profits declined at Smyths Toys stores in the Republic last year as a result of Covid-related shop closures. A €10m dividend was paid out shortly before the coronavirus pandemic hit the Irish economy.
Revenues at the Irish operation declined by €9.7m in 2020 to €210.3m as profits fell by €1.4m to €2.6m, according to the accounts.
Directors said Galway-headquartered Smyths Toys Limited, which operates 21 stores locally, has been impacted by the Covid crisis but that all retail units have been trading strongly since reopening.
The company employed 617 people in the Republic last year with staff costs totalling €14.3m. Smyths said it made use of the State’s Temporary Wage Subsidy scheme (TWSS) during 2020, but did not disclose how much it had received.
Smyths Toys operates 106 stores across Britain, seven in Northern Ireland, and 21 in the Republic of Ireland, along with a number of stores across Europe. It employs more than 2,000 people at these outlets.
Combined revenues at the British and Northern Ireland units last year totalled £666.5m (€780.6m), down by £1.3m from the £667.8m recorded in 2019.