The Northern Ireland arm of Dunnes Stores, the family-owned retail giant, has reported a sharp rise in profits, with pre-tax earnings up 60% to £20.3 million (€23.2m) for 2023.
Newly filed accounts for Dunnes Stores (Bangor) at Companies House show revenues climbed 3% in the 12 months to December 28, rising from £185 million to £191 million. The company said the profit growth reflected both operational resilience and steady consumer demand in a competitive retail market.
Employment at Dunnes’ Northern Ireland operations also expanded during the year, with headcount rising from 1,191 to 1,268. Staff costs grew accordingly, moving from £19.18 million to £20.4 million. The group reported a corporation tax charge of £6.17 million, leaving post-tax profits of £14.13 million.
Dunnes operates 15 stores in Northern Ireland, including four in Belfast, two in Derry and two in Newry. Across the wider group, the retailer has 137 outlets, comprising 118 in the Republic of Ireland, 15 in Northern Ireland and four in Spain.
Director Dr Anne Heffernan, signing off the company’s accounts, described Dunnes’ financial position as “robust with strong cash flow and no external funding.” In an accompanying statement, she emphasised the company’s long-term, family-led approach: “As a family company with generations of accumulated experience, we see things in the longer term and take our key business decisions accordingly.”
Dr Heffernan highlighted the company’s founding philosophy of “Better Value” as central to its success over the past 75 years, guiding decisions around food, fashion and homeware offerings. “Almost every decision we make is about providing customers with the widest, freshest range of food products and the most exciting fashion and homewares brands and in-store experience,” she said. “We know we depend on all of our people and partners and we aim to be a responsible partner and employer.”
The company’s accounts also revealed that accumulated profits at the end of 2023 stood at £76.95 million, while cash reserves grew from £45.65 million to £58.14 million. Cost of sales increased modestly by 2% to £145.1 million, while operating expenses dipped slightly to £28.3 million. Non-cash depreciation of £2.1 million was also factored into the results.
Market research from Worldpanel by Numerator shows Dunnes Stores currently holds the largest retail market share in Ireland at 23.5%, with sales growing 6.3% year-on-year. The wider group’s estimated revenues for 2024 stand at €4.1 billion, underlining its position as one of Ireland’s largest private employers.
Founded in Cork in 1944 by the late Ben Dunne, Dunnes has grown into a dominant force in Irish retail, balancing its traditional value-driven approach with continued investment in modern store formats and product ranges.
