Smyths Toys has recorded sales of more than half a billion euro across its expanding UK operations for the first time in its 11 year history.
New figures show that the family-owned Irish retailer enjoyed strong growth in 2017 in the UK as sales surged by 11 per cent to a record £475.7 million or €534.5 million.
Pre-tax profits increased by 18 per cent, going up from £10.1 million to £11.88 million, boosted by popular toys like LEGO and Shopkins.
The business, led by four brothers - Anthony, Liam, Patrick and Thomas - first entered the UK market in 2007 and business has grown exponentially since then. The latest increase in revenue follows sales growth in 2016 of 19 per cent and a 30 per cent hike in 2015.
Earlier this year, Smyths Toys purchased the Toys R Us business in Germany, Austria and Switzerland. The €79 million deal adds a further 90 stores to the Smyths Toys group, bringing the total to around 200 in Ireland, the UK and Europe.
Of the UK performance, the media shy directors say they are very pleased with the increase in profit, particularly given the current economic climate and the increased competition in the marketplace.
Sales “were driven by growth in existing UK stores and also the 12 new stores opened during the year.”
They have also suggested that “further expansion will occur in the UK market in the coming years through the opening of new stores.”
Underlying its expansion in the UK, the company last year spent £20.66 million on the purchase of property and this followed a spend of £20.5 million under the same heading in 2016.