TJ Morris is expecting to break through the £1bn sales mark two years earlier than expected after reporting a massive hike in full-year sales and profits.
The north of England-based discounter, which trades as Home Bargains, had aimed to hit £1bn by 2015 but this week brought this forward to 2013 after reporting a 28% hike in pre-tax profits to £45.4m on sales up 25% to £482m for the year to 30 June.
Like-for-like sales growth hit 10%, with average basket spend at £6.
"If you look at a map of the UK, there are huge areas of virgin territory for us," said operations director Joe Morris. "It will be very difficult for other retailers to expand because they are already covering the UK, but we've got so many new areas to open stores."
This target could be increased further because TJ Morris had grown by 20% to 25% a year for the past 10 years, but the company had chosen to keep its plans "manageable", he added.
The company is also on target to open 350 stores by 2013. It currently has 190. Its long-term goal is to have stores across the UK, but Morris said the short-term goal was to push into the south east, with stores expected to open close to the M4 corridor soon.
TJ Morris is currently testing the equipment and mechanics at its expanded £35m distribution centre, which is set to be launched in November and will be fully operational by early next year.
The north of England-based discounter, which trades as Home Bargains, had aimed to hit £1bn by 2015 but this week brought this forward to 2013 after reporting a 28% hike in pre-tax profits to £45.4m on sales up 25% to £482m for the year to 30 June.
Like-for-like sales growth hit 10%, with average basket spend at £6.
"If you look at a map of the UK, there are huge areas of virgin territory for us," said operations director Joe Morris. "It will be very difficult for other retailers to expand because they are already covering the UK, but we've got so many new areas to open stores."
This target could be increased further because TJ Morris had grown by 20% to 25% a year for the past 10 years, but the company had chosen to keep its plans "manageable", he added.
The company is also on target to open 350 stores by 2013. It currently has 190. Its long-term goal is to have stores across the UK, but Morris said the short-term goal was to push into the south east, with stores expected to open close to the M4 corridor soon.
TJ Morris is currently testing the equipment and mechanics at its expanded £35m distribution centre, which is set to be launched in November and will be fully operational by early next year.
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