Revenue up but profits decline at Lifestyle Sports
The retail group operates 54 stores north and south and the figures for Lifestyle Sports (Ireland) Ltd relate only to the firm Republic business where 50 stores are located.
## ## Numbers employed by the group last year totalled 484 and staff costs last year totalled 13.7m.
The pre tax profit last year takes account of 203,485 in store closure and restructuring costs and this follows costs of 1m under the same heading in 2017.
The directors state that the firm earnings before interest, tax, depreciation and amortisation and one off exceptional items totalled 9.27m compared to 10.23m the previous year.
Accumulated profits at the firm last September totalled 30.37m. The firm cash pile decreased from 11.8m to 6.2m.
The Lifestyle retail business is owned and operated by the Wicklow based Stafford family owned group and the Lifestyle arm is facing increased competition here as UK firm, Sports Direct continues with its major expansion plans for Ireland.
Separate accounts for Stafford Holdings show that the owners received a cash dividend of 4.2m during the year. The principle activity of the holding firm is sports retailing and management services. Its revenues from both the North and the Republic of Ireland last year totalled 114m.
The profit at the Lifestyle company last year takes account of non cash depreciation costs of 2.6m, amortisation costs of 1.34m while operating lease costs increased from 9.6m to 10.9m.