UPMARKET GROCERY store group Donnybrook Fair made a profit of €426,000 in the year to the end of January 2011, according to accounts just filed at the Companies Office.

Donnybrook Fair Limited’s performance marked a turnaround on the year to the end of January 2010, when it made a loss of almost €815,000.

The retailer, which is owned and managed by Joe Doyle, secured turnover of almost €21.8 million during the period, down 18 per cent on the previous year. However, the cost of sales fell and administrative expenses were stripped back, resulting in the pretax profit of about €472,600.

In a note accompanying the accounts, the directors described 2010 as “undoubtedly a challenging year for the retail sector”, but they added the company remained “very positive” about its performance, citing the support of staff and suppliers.

Accounts show the company has shareholders’ funds of €835,300, up substantially on the year before, while it also reduced its debt during the period.

Mr Doyle and his wife Mary are directors of the company. The group’s flagship store is on the Morehampton Road in Donnybrook, where it also runs a restaurant and cookery school. Mr Doyle, originally a butcher by trade, bought the grocery store at the site in 1991 and expanded its offering over the years.

The group, which produces some of its own food, now operates smaller shops in Baggot Street and Stillorgan, Dublin; and Greystones, Co Wicklow.