The retail business of Dunnes Stores in Northern Ireland and England, Dunnes Stores (Bangor), booked a 34% drop in operating profit last year.
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Dunnes Stores (Bangor) is the only unit in the Dunnes group to file financial information, as Dunnes is a privately owned company with unlimited status.
Dunnes Stores (Bangor), which consists of 24 stores in Northern Ireland and England, recorded operating profits of GBP17.3m for the year to the end of January 2008. The decline in profits comes despite steady turnover, which remained static at GBP211m.
When contacted by just-food, the company declined to comment on whether the fall in profits had hit Dunnes’ retail businesses in Ireland.
A spokesperson for Dunnes said that the company was not prepared to elaborate on its waning profits or the reason for the fall.
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By GlobalDataThe future ownership of Dunnes has been a subject of increasing speculation, with reports highlighting the UK’s Asda as a probable buyer. However, Dunnes has refused to comment on reports that the business is up for sale.
