TJ Morris, owner of discount retailer Home Bargains, has posted a rise in sales and profit as it looks to open more stores.
The company said turnover rose 10.2% from £3.4bn to just under £3.8bn in the full year ending June 30, 2023.
TJ Morris said the increase was achieved by “opening of additional retail outlets during the year, shop re-sites and an increased contribution from existing stores”.
Pre-tax profits also grew 12.4% to £332m in this period, up from £292m in 2022.
The company is confident about sustaining growth and said it can do this through “continuing to expand the company’s retail operations throughout the UK by opening new stores, continuing to provide its customers with quality products at bargain prices, and offering new retail opportunities to customers”.
Expanding its store portfolio is a priority for the Home Bargains owner, as it said the company intends to “increase the number” of retail outlets in the year to June 20, 2024.
Its latest report shows the group currently operates 594 stores but it eventually wants to open between 800 and 1,000 retail outlets.
It added that the planned expansion “should lead to further growth in turnover and profitability”.
While more store openings are planned, TJ Morris saw staff numbers fall over the last year as it went from 28,401 employees in 2022 to 26,845 employees in 2023.
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