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.