Toy store sees profits almost double
21st September 2017
Smyths Toys have almost doubled their pre-tax profits in the UK, thanks to its range of popular branded children's toys.
A wave of new store openings have helped increase the group's pre-tax profits increasing by 69 per cent from £5.9 million in 2016 to £10 million this year
New figures show that sales figures of the Irish chain - which has stores in both Gloucester and Cheltenham - have soared by 19 per cent from £334 million in 2016, to £396.49 million this year.
The positive results are due in part to the success of its sales of toys like Star Wars Lego and other action figures, hugely popular among young children.
This news comes in the same week that saw toy retailer Toys R Us file for bankruptcy in the US and Canada. The UK-based shops remain trading for the time being.
Smyths is Ireland's largest toy retailer and is quickly growing in the UK marketplace since it began trading over here in 2007. It has seven stores in Northern Ireland and opened 12 new stores over here last year, bringing its total in the UK to 79 stores.
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