Dunnes Stores (Bangor) Ltd reports £1 million deficit for 2019

Group's Northern Irish business incurred "significant additional costs implementing social distancing measures in stores”

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Dunnes Stores’ Northern Ireland business lost €1.1 million in 2019, according to financial accounts filed by Dunnes Stores (Bangor) Ltd, which owns the group’s stores in the north.

The director’s report accompanying the accounts stated that Covid-19 has exerted a material impact on the group’s business. “We are incurring significant additional costs implementing social distancing measures in our retail stores,” the directors said.

Taxes and foreign exchange losses resulted in a £1 million sterling (€1.11 million) deficit at Dunnes Stores (Bangor) Ltd for the 12 months to 28 December 2019, the accounts show.

While directors Francis Dunne, Margaret Heffernan, Anne Heffernan and Sharon McMahon said it wasn’t possible to quantify Covid’s impact on the group, they nevertheless do not expect it to hit the group’s ability to continue as a going concern.

“The group’s balance sheet is robust with strong cash flow and no external financing,” the directors said.

Dunnes Stores (Bangor) Ltd is a subsidiary of the unlimited Dunnes Holding Company, which is not obliged to file accounts.

The subsidiary’s accounts show its sales grew almost 6% to £113.6 million in the 12 months ended 28 December 2019.

A foreign exchange loss of £1.4 million and a tax payment of £366,000 resulted in a £1 million deficit for the period, compared to £1.6 million profit for the previous year. Net assets totalled £53.2 million in December 2019.

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