Record year for discount chain Home Bargains
Discount retailer TJ Morris, which trades as Home Bargains, has reported record annual financial results despite a "dramatic" increase in competition.
The Liverpool-headquartered company revealed that turnover increased to £721m in the 12 months to 30 June 2011, up from £590.3m a year earlier. Operating profit grew 24 per cent to £59.5m.
Joe Morris, operations director at TJ Morris, said: "We’re delighted with the year's results. While the discount sector has seen continued growth, competition has increased dramatically."
He added: "The sector as a whole has seen a drop in margins, but we’ve managed to maintain our position. This has been achieved through continuous improvement in everything we do, significant re-investment and hard work."
The chain opened 30 new stores during the year taking its total number of outlets to 250. The company plans to open a further 250 stores over the next five years and increase its headcount to 12,000.
