The clothing giant's Irish wing outperforms rest of business...
Despite a retrograde performance in terms of Gap's global operations, the Irish arm of the US clothing giant bucked the trend and turned a healthy, improved profit for the year to the end of January 2016.
According to newly-published accounts, Gap Stores (Ireland) Ltd enjoyed pre-tax profits of €863,215 for the year.
This might have only marked a slight uptick from the €831,194 taken for the year previous, but in the context of the overall company's recent struggles, it is cause for celebration at the retailer.
Irish revenues were down a touch, from €11.63m to €11.59m, but this was a long way off the size of falling worldwide sales.
At the end of January, accumulated profits stood at €1.8m.
Gap's Irish directors stated:
"The level of business and the financial position at the financial year-end were satisfactory and in line with the directors' expectations...
"Opportunities would continue to be sought to maximise profitability and market share in the Irish casual apparel market."
Gap now boasts four Irish stores, making its initial presence felt when it arrived at Arnotts a decade ago. In 2013, its newest outlet opened in Blanchardstown, joining the other Dundrum and Cork offerings. Its Irish workforce increased from 94 to 96 last year, with staff costs coming to €1.43m.