Home Bargains could more than double its number of stores in the UK, according to plans in its latest accounts.
The discount retailer, which had 525 retail outlets as at the end of June last year, reaffirmed its intention to continue opening new stores and aims to eventually operate between 800 and 1,000 outlets.
TJ Morris, trading as Home Bargains, reported sales of £2,792 million – boosting turnover by 13 per cent from £2,471 million for the year to 30 June 2020.
Operating profit also increased by 13 per cent (£30m) from £231 million to £261 million. Despite incurring around £14.4 million of, what it called, ‘exceptional costs due to Covid-19’.
The company said the growth in turnover and profitability was due to a combination of new openings, shop re-sites, and an increased contribution from existing stores.
TJ Morris was established over 40 years ago by Tom Morris and is said to be one of the biggest privately owned companies in the UK. According to the company website, it employs more than 22,000 staff.