The department store group behind two of Northern Ireland’s most popular shopping destinations has posted a six-fold increase in pre-tax profits after newly introduced brands performed “very well”.
Ulster Stores is a family-owned, independent retail company headquartered in Coleraine.
The origins of the business date back to 1925 and it now oversees Moores of Coleraine, The White House in Portrush and Clares of Llandudno, employing a workforce of about 200 staff.
For the year to 31 January 2017, Ulster Stores reported turnover of £13.8m compared to £13.2m the previous 12 months.
Pre-tax profits were also up from £39,046 to £241,873.
Writing in a strategic report accompanying the results, the company said directors were “pleased to note that the new brands introduced this year have performance very well” and have “helped contribute to the sales growth”.
Ulster Stores also continued to invest in technology and its digital presence, with the launch of a new corporate website and web platform designed to support online growth.
However, it did express concerns surrounding Brexit, from which it said an impact had been felt.
“Exchange rates movements started to impact the costs of goods purchased by the company,” it said. “These inflationary pressures are expected to continue through at least the next year and may also impact on levels of customer’s disposable income.
“The directors continue to closely monitor the progress of the Brexit process and seek to mitigate risk wherever possible.”
Overall, directors were happy with the general performance and increased profits.