TJ Morris, the company behind the 290-strong discount chain Home Bargains, has reported a 27% jump in sales to £915m. Profits in the year to 30 June 2012 were equally impressive, jumping 41.5% to £84.1m as its stores proved a hit with cash-strapped consumers. In a business review in its annual accounts the company said its growth had been fuelled by new store openings, relocations and like-for-like sales growth.
The family-owned company sells a wide range of non-food products as well as food & drink and health & beauty ranges. The group, run by founder and managing director Tom Morris and his son, operations director Joe, recently announced plans to open a 700,000 sq. ft. distribution centre in Amesbury, Wiltshire to assist with its expansion in the south. It plans to expand to over 500 stores within the next five years.
The company statement said: “Further additions to retail outlets are planned during 2013 which should show further growth in turnover and profitability.”