Fashion brand Magee returns to profitability after lockdowns

Magee, one of the country’s best-known fashion brands, reports strong sales demand and consumer sentiment this year, leading to improved trade.

New from Donegal Bay Group Ltd. Submitted accounts show that the group has returned to profitability over the past year, posting a pre-tax profit of €784,986.

Last year’s profit followed a pre-tax loss of €809,696, mainly due to extraordinary expenses of €736,084.

The return to profitability last year followed a 22% increase in sales from €7.17 million to €8.75 million.

The number of employees rose last year by one to 80, as personnel costs amounted to €2.33 million.

Magee Clothing Chief Executive Rosy Temple said: “Covid-19 continued to impact retail in 2021 with the continued closure of non-essential retail stores.

“Magee 1866 has enjoyed an encouraging recovery in the second half of 2021 and into 2022, with strong demand across the board; from our fabrics, designed and woven at the Donegal town mill, to the lifestyle collections for men, women, home décor and accessories.” Ms Temple said that independent retailers in Ireland and the UK, as well as the own shops of Magee in the City of Donegal, Magee on South Anne Street and at Arnotts in Dublin and www.magee1866.com continue to post positive sales trends. She said that Magee 1866 “continues to see growing interest in high quality, design-led pieces made from natural fiber fabrics such as wool and linen in the national and international market”.

Directors say they have continued to take advantage of government support from Covid-19 and the amount received by the company in “other operating income” over the past year totaled $1.38 million.

As part of the Group’s strategic plan, no costs were borne last year. At the end of last year, the group’s shareholder funds amounted to €3.65 million, while the group’s cash position increased from €1.39 million to €1.88 million last year.

Non-cash depreciation costs of €165,128 are taken into account in the annual surplus. The accounts show that Enterprise Ireland made a €200,000 loan to the agency under the Sustaining Enterprise Fund and repayments are due to begin in February 2025.

https://www.independent.ie/business/irish/fashion-brand-magee-returns-to-profit-after-lockdowns-42117732.html Fashion brand Magee returns to profitability after lockdowns

Fry Electronics Team

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