11:16 h / 2021/02/24
As turnover reaches £2.8b, Home Bargains attributes growth to new store openings, relocations and improving sales at existing branches.
Newly filed accounts for TJ Morris, which trades as Home Bargains, show that the value retailer has witnessed a 13% increase in its turnover to £2.8b in the year to June 30th, 2020, and also saw its operating profit rise by 13% to £261m during the period.
The company said that its “financial position has strengthened” compared to the prior year in terms of net assets. A planned store opening programme and expansion plans have forged ahead during lockdown, with new store openings bringing the total number of retail outlets to 525 at the end of the period, up from 506 a year earlier.
The most recent new store, which opened in Twickenham, features a new format that the company plans to roll out further, if it proves successful. Senior store development manager Paul Cooney explained that the outlet offers “different ranges and narrower aisle widths to try and maximise every inch of space.”