TJ Morris, the company behind discount chain Home Bargains, has reported a 14.4% increase in full-year operating profit to £34.7m on sales up 19% to £383m. The company was on course to double its business in the next three to four years and hit the billion turnover mark by 2015, said operations director Joe Morris.

“In the medium term – supported by the expansion of our distribution centre – the company aims to open more stores, expand distribution and improve product sourcing,” he said. “Through closer relationships with our suppliers and the controlled sale of clearance lines from manufacturers, we intend to increase our product range and drive a greater number of customers through our doors.”

The company, which has 160 stores across the north of England and the Midlands, aimed to open 350 stores by 2015 – with the potential for as many as 600 stores, he added. This year it invested £35m in expanding its distribution centre in Liverpool.

“The current credit squeeze is affecting the UK’s economy and the petrol sector in particular. While we remain cautious, we intend to continue our rapid growth,” he added. TJ Morris is ranked number one in The Grocer’s Top 50 independent grocery retailers.