Company of the Month

Company of the Month December 2021: Smyths Toys achieves record revenues for last year

By Business & Finance
04 January 2022
Smyths Business & Finance Company of the Month April 2018

Smyths Toys, the toy superstore originally founded in County Mayo, recorded group revenues of just under €1.5 billion last year. The company is an Irish multinational chain provider of children’s toys and entertainment products.

Still owned by the Smyth family, what began as a family newsagent in Claremorris, Co Mayo, has expanded to a group with almost 6,000 staff, operating 248 stores across its network in Ireland, the UK and continental Europe.

Despite the impact of the pandemic last year, the group’s mainland Europe business continued to grow with revenues across its German, Austrian and Swiss stores increasing by €17.98m to €475.35m.

According to the directors, “the store closures due to the outbreak of Covid-19 around Easter and Q4 2020 had a negative effect on the performance of the business”.

The report adds: “Despite this, the directors are satisfied with the result given ongoing Covid-19 impacts, the current economic climate and the competitive marketplace.”

The Group, which is headquartered in Galway, recently disclosed that combined revenues at its British and Northern Irish units last year totalled £666.5 million (€780.6 million), while turnover at its shops in the Republic hit €210.3 million.

Smyths Toys EU HQ Unlimited, which covers the group’s shops in Germany, Austria and Switzerland, reversed a €30.8 million pretax loss in 2020 to record profits of €10.9 million.

No dividend was declared from the unit, but directors of the family-owned company shared a €10 million dividend from the Irish business and a £31 million (€36.1 million) one from the group’s UK stores last year.

The majority of the group’s revenues derive from its 100-plus stores in Britain, where it has operated since the mid-2000s.

Business & Finance, Company of the Month

Business Person the MonthBusiness & Finance, in association with KPMG, recognises excellence in business through the ‘Company of the Month’ award. The Company of the Month award recognises the company which best demonstrates outstanding business leadership, sustainable growth, innovative strategy, strong financial returns and employee development.