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Gap Ireland sees profits rise

The Irish branch of US clothing retailer Gap has reported a rise in pre-tax profits, to €863,215 (£733,441), defying otherwise gloomy results across the rest of its operations.

In the 12 months to the end of January 2016, Gap saw falling profits and revenues at its global operations. However, during the same period the Irish arm of the retailer, Gap Stores (Ireland) Ltd, saw pre-tax profits rise from €831,194 (£706,525) to €863,215 (£733,441), according to the Irish Independent.

However, revenues fell slightly from €11.63m (£9.89m) to €11.59m (£9.85m) with global sales also dropping.

Gap opened its first store in Ireland in 2006, and currently employs 96 people in the country.

The directors’ report for the Irish arm of Gap commented: “the level of business and the financial position at the financial year-end were satisfactory and in line with the directors’ expectations”.

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