Home Bargains owner, TJ Morris has reported an increase in sales and profit in 2023, with turnover up over 10% year-on-year.
The company said that for the full year to 30 June, 2023, turnover increased from £3.4bn to £3.8bn and pre-tax profits increased from £293m to £332m in 2023.
In its latest report to Companies House, TJ Morris attributed the growth to opening additional retail outlets during the year, as well as shop re-sties and an increased contribution from existing stores. In June 2023, the total stores count was 594, up from 572 in 2022.
It said: “The balance sheet shows that the company’s financial position has strengthened compare to the prior year in terms of net assets.”
The company is planning further openings: “Further additions to retail outlets are planned during the year to 30 June 2024 which should lead to further growth in turnover and profitability.
“The company intends to increase the number of retail outlets in operation in the year to 30 June 2024, and to eventually have between 800 and 1,000 outlets open.”
