Record profits for 99p Stores

99p stores has announced record profits after it introduced a wider range of products at its stores.

The variety discounter more than trebled pre-tax profits from £1.8m to £6.3m for the year ending January 2011. The discounter also announced it will open 30 new branches by the end of the year, creating a further 1,200 jobs.

Sales increased by 26.2% £183m to £231m for the same period.

The company put the results down to the introduction of a much “wider range of products” in the last 12 months including the 99p sandwich, milk, dairy, chilled meats, eggs, snacks, fresh bread and “commuter friendly” products.

“It’s not so much how we have done it but how the established high street stores have got away with it for so many years” said commercial director Hussein Lalani.

“They have been selling basics like toothpaste, washing-up liquid, tea and coffee at over the odds for years. Now the public has cottoned on. There is one criteria we have at 99p Stores: value.”