Home Bargains has confirmed plans to open hundreds more branches across the country after seeing a rise in sales and profits. Home Bargains owner TJ Morris said that for the year to June 30, 2023, its turnover rose from £3.4bn to £3.8bn – up more than 10% on 2022 and pre-tax profits rose from £293m in 2022 to £332m in 2023.
TJ Morris said that turnover growth “was achieved by the opening of additional retail outlets during the year, shop re-sites and an increased contribution from existing stores”, reports BusinessLive.
It said: “The balance sheet shows that the company’s financial position has strengthened compared to the prior year in terms of net assets.”
The latest report showed that as of June 30, 2023, the company had 594 stores – up from 572 last year. It said: “Further additions to retail outlets are planned during the year to 30 June 2024 which should lead to further growth in turnover and profitability.”
It added: “The company intends to increase the number of retail outlets in operation in the year to 30 June 2024, and to eventually have between 800 and 1,000 retail outlets open.”
The TJ Morris group saw staffing numbers fall despite its growth. It employed 26,845 people in 2023 – down on the 28,401 people employed in 2022.
