Profits at Smyths Toys soar to more €35 million with strong performance in Europe

Profits at Smyths Toys soared to more than €35 million last year thanks to a very strong performance by the toy retailer’s European operations.

The combined sales of the group’s business in Ireland, the UK and Europe amounted to €1.2bn, a long way from the turnover once made when the toy shop was founded in 1986 in a grocery shop in Claremorris.

The company has been on a steady upwards trajectory across the UK and Ireland. Its European operations felt a boost when Smyths Toys purchased 93 Toys R Us stores across Europe last year. It paid €61 million for the bankrupt business.

The retailer now operates over 110 stores across Ireland, the UK and Europe. Its European network contributed €339 million in sales and €13.7 million in profits within seven months.

Smyths also recorded a rise of 22 per cent in profits in the UK last year, taking it to a record €14.5 million.

Check Also

Toymaker Sawdust and Rainbows urges UK businesses to pay the Living Wage at crucial time for workers

Sawdust and Rainbows, the manufacturer of indoor wooden climbing frames, is urging its own stockists …