The Northern Ireland arm of Dunnes Stores enjoyed a 44 per cent bounce in profits last year as it continued its upward momentum, accounts filed with the UK’s companies’ office show.
Dunnes Stores (Bangor) made a profit of £14.1 million (€16 million) in the year to the end of December, which was up from £9.8 million in 2023. The performance represents further growth in the company’s bottom line, with profits up from £2.6 million in 2022.
The company is a subsidiary of the unlimited Dunnes Holding Company, the parent entity for the Dunnes Stores group, which is not obliged to file accounts. The figures for the Northern Ireland entity offer the only window into Dunnes Stores’ financial performance.
The profit on ordinary activities before tax amounted to £20.3 million, which was up from £12.7 million. The company paid tax of £6.2 million, which was more than double the £2.9 million it paid in 2023.
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The accounts were signed off by Anne Heffernan, a granddaughter of Dunnes founder Ben Dunne and daughter of Margaret Heffernan, who is the principal shareholder in the family-owned retail group.
Turnover came to £191 million, up from £185 million, while the cost of sales was also up marginally, reaching £145.1 million from £142 million in 2023. Meanwhile, it had net assets worth £77 million, up from £62.7 million.
On the environmental side, the company reported an increase in its carbon dioxide emissions from energy use in its buildings and employees’ business travel. It said it generated 3,333 tonnes, which was up from 2,788 tonnes the totalled £20.4 million, up from £19.2 million the previous yearbefore.
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In a note attached to the accounts, director Anne Hefernan said: “We know that we all share a common environment, and we are continually looking for ways to work more sustainably.”
The average number of people employed rose by 77 during the period as its headcount reached 1,268. Staff costs totalled £20.4 million, up from £19.2 million the previous year.
Directors were not remunerated by the Northern Irish entity, with the accounts noting these costs are borne by another group company. Dunnes Stores did not respond to a request for comment on its performance.
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Data this week showed Dunnes Stores held on to its leading position in the market with a 23.9 per cent share, despite slowing sales growth. Tesco was second with 23.7 per cent of the market, followed by SuperValu at 19.5 per cent.
SuperValu and Centra owner Musgrave saw growth of 6.5 per cent to €5 billion this year to retain top spot among Ireland’s grocers in the Top 1000 Companies magazine published by The Irish Times.
Turnover at Dunnes Stores was estimated at €4.4 billion, which was up from €4.2 billion, which put it in second place.
Meanwhile, data from retail analysts Kantar Worldpanel showed the rate at which grocery prices are climbing has more than doubled over the last 12 months.
Recent data from the Central Statistics Office showed Irish grocery prices were 14 per cent higher than the European Union average in 2024. This gap has reduced since 2003, when Irish prices were 30 per cent higher.
A report by the Competition and Consumer Protection Commission last month said retailers are absorbing some of the cost pressures rather than passing them fully on to Irish consumers, in contrast to the experience elsewhere in the European Union.
It acknowledged Irish consumers have experienced a 27 per cent increase in prices since 2021, but said this remains below the EU average, where grocery prices have increased by 35 per cent over the same period.
