THE FIRM WHICH operates the Penneys chain of outlets here last year recorded daily average pre-tax profits of more than €1.13m.

New accounts lodged by Primark Ltd show that the company recorded a 5% increase in pre-tax profits to €416.6m in the 52 weeks to the end of September 16 last.

The accounts show that revenues from Penneys Irish retail revenues last year increased by €51.5m or 7% rising from €693.07m to €744.48m

The €744.48m in revenues for the 52 weeks work out at the average weekly revenues of €14.3m for the Irish network of Penneys’ stores.

The directors state that “Irish store trading performance was strong in the current year with higher footfall in stores being reflected through increased sales.”

They state that the opening of the Tallaght store at the end of the prior year also contributed to increased sales, along with newly expanded stores in Dundrum, Clonmel and Galway.

The company paid out zero dividends after paying out dividends of €475m in 2022.

The firm recorded operating profits of €380.99m and net finance income of €35.2m contributed to the pre-tax profits of €416.63m.

The company recorded a post-tax profit of €376.08m after incurring a corporation tax charge of €40.54m.

Primark opened its first store in Dublin in 1969 under the name Penneys and today aims to have 530 stores open by the end of 2026.

The directors state that they intend to spend over €250m on the Irish market over the next the coming years including the creation of 1,000 additional jobs and increasing selling space in Ireland by an estimated 20pc.

The directors state that “this investment reinforces the company’s long term commitment to Ireland, high street retail and local communities across the country”.

The directors state that this investment includes its recently opened Bray store and a new €75m state of the art warehousing and distribution facility in Newbridge, Co Kildare which is due to open in the Autumn.

The directors state that other investments in its Irish business include a planned €60m investment in its Patrick Street store in Cork; a €20m investment in the Eyre Square store in Galway and a €10m investment in a full refurbishment of the company’s flagship Mary Street in Dublin.

The overall revenues for Primark Ltd  last year increased by €745m or 23.5pc from €3.174bn to €3.9bn.

The bulk of revenues were made up  of inter-company supplies of inventory at €2.39bn, the Irish retail revenues of €744.48m and revenues of Primark Way franchise income of €784.58m.

The Primark Way franchise is a business format which is developed and run from Ireland and provides Primark intellectual property, know-how and services to Primark businesses overseas.

The profit last year takes account of non-cash depreciation costs of €79.32m and non-cash amortisation costs of €36.84m.

Numbers employed by the firm last year increased by 581 from 6,483 to 7,064.

Staff costs increased from €252.46m to €300.65m. Directors’ pay last year totalled €4.7m while directors also received €1.56m under long term incentive plans.

At the end of 18 September last, Primark Ltd’s accumulated profits stood at €1.64bn. The firm’s cash funds decreased from €21.48m to €12.75m