PRETAX PROFITS at the Irish arm of US retail giant Gap more than doubled last year to €1.3 million, new figures show.

Boosted by the opening of new stores at Cork and Dundrum last year, Gap Stores (Ireland) Ltd recorded a 163 per cent increase in pretax profits to €1.3 million in the 12 months to the end of January last from €497,286 a year earlier.

The increase in pretax profits comes on the back of a 63 per cent rise in turnover to €8.4 million during the period.

According to the company’s directors, “the company generated solid profitability and a strong cash inflow from operating activities during the year”.

“This trend has continued into 2010. Consequently, the directors believe the company is well placed to manage business risks successfully despite the current uncertain economic outlook,” they said.

The directors added that “the company plans to opportunistically increase its presence in Ireland and seek opportunities to maximise its profitability and market share in the Irish casual apparel market”.