Pre-tax profits at Harvey Norman's Irish arm nearly tripled to €31.1m last year as the electrical and furniture retailer "out-performed the discretionary retail market with market share gains across all key product categories".

Figures for the company's 2020-21 financial year, which ended last June, show profit before tax rose 170% of €19.6m as revenues increased 51% by €139.4m from €271.7m to €411.1m during the 12-month period. After tax of €2.6m, the group record a post-tax profit of €28.5m.

Costs at Harvey Norman Holdings (Ireland) Ltd also surged, rising 52% from €187.5m to €285.2m, as the company opened two new stores in Galway in July 2020 and Sligo in November 2020 to bring its number of outlets to 15, with an additional two stores in Northern Ireland.

Gross profit margin decreased slightly from 31% to 30.6% year-on-year "in line with changes to the sales mix," and the company said it was now first or second in terms of market share across most of its key categories.

The directors said the two stores helped to strengthen the Harvey Norman brand in the west of Ireland, but all its stores in the Republic were closed in October-November 2020 and December 2020 to May 2021 due to lockdowns, with click-and-collect purchases also prohibited during the latter spell.

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"Our stores, including our flagship at Tallaght, have continued to benefit from customers investing in their homes," the directors wrote. "Double digit sales increases and market share growth was experienced across all homemaker product categories.

The directors added that the company's continued investment in stores, staff, its digital platform and delivery services underpinned the success of its operations in Ireland, and that its large format stores gave the firm a "competitive advantage".

At the end of the last financial year, Harvey Norman had a total of 1,372 employees between 924 in sales and 448 in administration and paid out a total of €55.3m in salaries, pension contributions and social welfare costs, an increase of 53% from €36.2m in 2020.

Directors' remuneration last year increased from €817,016 to €872,520, including pension contributions of €14,000, and the group had shareholder funds of €61.7m and cash funds totalling €20.9m at the end of last June.

Harvey Norman plans to open a new store in Fonthill retail park in Lucan, Co Dublin this year.