The company expanded Its workforce from 686 to 702 employees, with retail sales staff increasing to 554, administration and management roles reaching 127, and warehousing and online fulfillment staff rising from 13 to 21. This contributed to higher staff costs, which grew from €17.5 million to €18.37 million.

During the year, Shaw & Sons paid a dividend of €225,000. The directors stated their commitment to further strengthening the company’s position as a leading omnichannel retailer.

The company operates 16 department stores across Ireland and manages several investment properties that generate rental income. In January 2023, it merged the last five of its trading subsidiaries under the Companies Act 2014 to simplify reporting requirements and reduce administrative burdens.

Gross profit saw a slight decline from €28.7 million to €28.65 million, while operating profit fell by 67% from €2.56 million to €847,687, primarily due to a 6% rise in administrative expenses, which increased from €26.13 million to €27.8 million.

Net interest costs of €60,092 and non-cash depreciation expenses of €1.37 million further impacted profitability, resulting in a post-tax profit of €677,013 after a corporation tax charge of €110,582.

Despite the profit decline, the company’s financial position remained strong, with accumulated profits rising to €36.77 million. Shareholder funds totalled €48.76 million, including cash reserves of €8.14 million.

Director remuneration fell from €1.53 million to €1.45 million, comprising €1.29 million in emoluments and €169,064 in pension contributions. A company note highlighted that Shaw & Sons remains a family-run business, with multiple family members from various generations actively involved, including those outside the board.

The directors identified key risks facing the business, including declining footfall due to online shopping trends, economic uncertainty impacting discretionary spending, and ongoing inflationary pressures across the supply chain and operating costs.