Eason Holdings plc (“Eason”) recorded a 9% increase in turnover in the year ended 31 January 2016 and delivered an overall net profit of €1.2m during the year, compared to a net loss of €2.7m in the previous year, according to the company.
Group turnover for the 53 weeks ended 31st January 2016 was €147m (excluding joint venture revenues), reflecting an increase of €11 million or 10.1% in Republic of Ireland turnover, 13% increase in Northern Ireland turnover and a 33% growth in Digital Revenues.
EBITDA for the period was €7.0 million compared to €5.1 million, an increase of €1.9 million (37%). Shareholder funds have increased by €9.6 million during the year, reflecting ongoing improvement in the commercial property market in Ireland.
Conor Whelan, Managing Director of Eason, said: “2015 was another year of very positive progress and momentum for Eason and the first year in many years where Books, News and Stationery combined delivered positive growth in revenues. Whilst sterling inflation contributed significantly to growth during the year, this positive performance was primarily delivered through the ongoing delivery of our business strategy, strong trading during key periods such as Christmas and an overall improving trading environment.
“Eason is well placed to capitalise on the improving operating environment and we remain focused on driving and sustaining growth across the business through the continued implementation of our business strategy.”
Over the last year Eason has continued to invest in the transformation of its store estate, which has included significant enhancements to its O’Connell Street flagship store. The company has also continued to launch a number of new retail concepts and categories including a new Home & Leisure department and a Craftworks department. During 2015 Eason also continued to grow its franchise estate and completed the rebranding of stores acquired in late 2014 to Eason stores. Eason has also continued to further enhance and optimise its eCommerce and digital offering, which during the period resulted in a 33% increase in online revenues.
Eason is an iconic Irish retail business and brand with a history and heritage dating back over 130 years. The company currently employs over 1,000 people and operates 63 stores across the Island of Ireland. In 2016, Eason was named Ireland’s most reputable retail company.
Best known as Ireland’s leading retailer of books, stationery, news and magazines, Eason has in recent years garnered a reputation for its innovative retail approach and customer engagement and launched a number of new categories and retail concepts.