Pre-tax profits up 12% at Barry Group
While turnover fell 2.6 per cent from €212.46 million in 2008 to €207 million last year, wholesale/retail operation James A Barry & Company Limited, trading as the Barry Group, enjoyed pre-tax profits of €3 million in 2009, up 12 per cent on 2008‘s €2.67 million figure, according to its annual results to 31st January 2010.
During the course of the year Operating Profits grew nearly seven per cent to €3.1 million from €2.9 million in 2008.
The company attributed the fall in turnover to the consumer spending slowdown “and a significant reduction in the average cost per box, reported across the industry” but pointed out that Barry Group “outperformed the entire grocery industry in what was one of the most difficult year’s trading for the Irish grocery sector”.
The Barry Group supplies product to over 700 stores including 237 affiliated stores in the Republic of Ireland operating under the Costcutter (grocery retail), Carry Out (specialist off-licence), Buy Lo (Irish brands discount store) and Quik Pick (convenience retailer) brands.
“We’ve managed to increase our net profit on a reduced turnover through aggressively managing our cost base and prudent management of credit risk,” explained Barry Group Managing Director Jim Barry.
“The Barry Group is currently trading ahead of the market, driven primarily by significant growth through Carry Out and Buy Lo, our new branded discount chain which has outlets successfully running in Ashbourne and Tralee. Our desire to grow and outperform the market is deep-rooted and we continued to invest heavily last year, first in acquiring Carry Out specialist off-licence business at the tail-end of 2009; the full benefit of that takeover is expected to add €42m to our annualised turnover reported next year”.
The company plans to double the number of its Carry Out stores by 2012.
