Business

Irish Disney retail business revenues hit by Covid-19

Revenues at Disney’s Irish retail operation last year decreased by 28 per cent to €4.2 million due to the impact of the Covid-19 pandemic.

New accounts show that TDS Disney Ireland Ltd’s pre-tax profits declined by 28.5 per cent to €105,000 after the €1.6 million drop in revenues in the 12 months to the end of October last.

However, the drop in profit would have been higher as €142,000 in Government Covid-19 wage subsidy payments appear as ‘grant income’ in the company’s profit and loss account.

Store closure

The company operates the Disney Store on Grafton Street and the directors state that in a post balance sheet event, “it has been confirmed that the Blanchardstown store will close down”.

On the 12 months to the end of October last, the directors state that they are satisfied with the performance of the company.

They state that the loss of in-store revenue last year due to Covid-19 was partially off-set by lower cost of goods sold.

The directors state that they have taken a number of mitigation measures in response to the Covid-19 reduction on business.

They state: “We have suspended certain capital projects, reduced certain discretionary expenditures, temporarily reduced management compensation and utilised Government temporary Covid-19 wage subsidy scheme for cast members.”

The profit at the company takes account of operating lease costs of €1.1 million and non-cash depreciation costs of €266,000.

Numbers employed by the Disney retail business decreased by five to 60 made up of 51 part-time and nine full-time. Staff costs fell from €1.2 million to €997,000.

Shareholder funds at the end of September last totalled €3.8 million.

Source:

www.breakingnews.ie

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