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.

About Robert Hutchins

Robert Hutchins is the editor of ToyNews and its sister title, Licensing.biz. He has worked his way from Staff Writer to Editor across the two titles, having spent almost eight years with both and what now seems like a lifetime surrounded by toys. You can contact him by emailing robert.hutchins@bizmedia.co.uk or calling him on 0203 143 8780 You can even follow him on Twitter @RobGHutchins if ranting is your thing...

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