Guiney's profits plummet 79pc
DISCOUNT department retailer Michael Guiney's profits dropped by a significant 79pc to €354,210 in recent accounts filed.
The company, which has stores in Dublin, Cork, Waterford, Castlebar and Tralee, said that "the group had a challenging year due to current economic conditions". Accounts recently filed to the Companies' Office show the group sustained a 17pc drop in revenues from €23.5m to €19.4m in the 12 months to the end of January 2011.
The company lashed out at the increased competition from UK retailers who had "stronger buying powers and the threat to the historically grocery based retailers expanding into the non-grocery sector".