Sales at the Elvery’s sports retail chain in 2023 surged to a record €129 million “thanks in large part to phenomenal sales during the Rugby World Cup period”.
Its latest accounts show that the world cup boost contributed to pre-tax profits increasing at Staunton Sports Ltd, which trades under the brand name Intersport Elverys, by 17.5 per cent from €6 million to €7.11 million in 2023.
The directors state that the trading performance for 2023 “was exceptional” as revenues rose by 13.5 per cent or €15.39 million from €113.85 million to €129.24 million.
The directors state that they “are very satisfied with the trading performance”.
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Intersport Elverys operates from 47 stores nationwide and online at elverys.ie and the Co Mayo headquartered chain continued on its growth strategy in 2023 with the reported €12 million purchase of the flagship Debenham’s outlet on Cork’s Patrick Street in May 2023 where Elvery’s is likely to occupy around 20 per cent to 30 per cent of the iconic 1920′s built store.
On the risks facing the group, the directors state that in common with all companies operating in Ireland in this sector, Staunton Sports Ltd “is facing challenges arising from other online websites including brands’ direct offering to consumers, supply chain disruption and inflationary pressures. However, the directors are of the opinion that the company is strongly positioned to meet these challenges”.
Numbers employed by the sports retailer during 2023 rose from 555 to 571 as staff costs increased from €14.53 million to €16.39 million.
The profits for 2023 take account of non-cash depreciation costs of €2.64 million.
On the company’s future developments, a note with the accounts said that they “are cautious of the significant threats posed to the business by inflationary pressures and cost of living increases but will continue to develop the business in the ensuing year”.
The note said that “investment in the online platform, store portfolio and warehouse automation continues. The sustainability programme remains a focus and further investment is planned in 2024 and beyond.
In a post balance sheet event, the directors state that the automated warehouse installation is complete with improvements continuing to be made in 2024.
The retailer recorded post-tax profits of €6.17 million in 2023 after incurring a corporation tax charge of €942,984.
The profits for 2023 further strengthened the group’s balance sheet as shareholder funds increased to €33.08 million that included accumulated profits of €27 million.
The group’s cash funds increased from €5.98 million to €8.88 million.
The group made payments of €7.33 million to acquire property in 2023 following an outlay of €2.8 million under that heading in 20222.
A note attached to the accounts states that during 2023, the company paid consultancy fees of €250,000 to Budget Sports Ltd which is a company controlled by Helen and Marita Staunton.
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