VALUE RETAILER Michael Guiney appears to be weathering the recession better than its department store parent, Clerys.

Accounts just filed for Michael Guiney Ltd show that while sales dipped in the 12 months to the end of January 2010 by 9 per cent to €23.5 million, profit after tax was 20 per cent up at €1.4 million.

By contrast, Clery&Co made a loss of €1.9 million last year at a time when sales fell 26 per cent.

Guiney is part of the fabric of shopping on Dublin’s north side, with three stores close to O’Connell Street.

It also has five shops outside Dublin.

The rise in profits resulted from reductions in the cost of sales and other expenses at the household and clothing chain.

Payroll costs fell by 7 per cent to €4.6 million but directors’ salaries ticked up 3 per cent to €345,274.

Guiney had shareholder funds of €11.8 million at the end of last January – a useful buffer in light of the likely effect on consumer demand as a result of the Government’s four-year plan.