Smyths Toys almost doubles mainland UK profits

Smyths Toys

Toy retailer Smyths almost doubled pre-tax profits in its UK operations last year, thanks to sales of Star Wars Lego, Power Rangers and Hatchimal.

The Irish chain, which has over 80 stores in the UK, raked in €11.2 million (£10 million) in pre-tax profits in the year ending December last year — up from £5.96 million the year before.

Sales in the mainland UK also went up by 19 per cent from  £334 million to £396.49 million (€447 million) on the back of 12 new store openings.

However, the 19% increase in UK sales is slower than the 30 per cent growth recorded in 2015.

Smyths, regarded as Ireland’s biggest toy retailer, entered the UK market in 2007 and it since has grown rapidly.

Due to the family-owned nature and unlimited status of the business, the full details of the retailer’s profits and revenues in Ireland are not available.

Smyths’ financial results come the same week Toys R Us filed for bankruptcy in the US and Canada. Its UK stores will continue to operate as per usual, for now.

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