Home Bargains owner TJ Morris has announced a 32% rise in full-year pre-tax profits as the discounter saw total sales hit £1bn for the first time.
Pre-tax profits hit £110.8m (2012: £84.1m) for the year ending 30 June 2013, while total sales rose 16% from £914.8m to £1.05bn.
With total staff numbers rising from 7,910 to 9,240 in 2012/13, the company said the 16% increase in sales was largely down to the expansion of new Home Bargains stores and a rise in consumer demand for cheaper goods.
The discounter, which is second on The Grocer’s rankings of the UK’s Top 50 independent grocery retailers, recently revealed plans to open a further 400 Home Bargains stores.
The new stores, which will largely be based in the South of England, will be supported by a new Wiltshire-based £70m distribution centre set to open in 2015.
“We have made no secret of our ambition to grow to 700 stores over the next five years and this is why this strategically based facility, where 98% of the South of England can be reached within a 4.5-hour HGV-drive time, is so necessary,” said Joe Morris, operations director at TJ Morris.