Discount department store chain TJ Hughes posted a pre-tax profit hike of 22% to £6.8m for the year to January 30, compared with £5.3m the previous year, driven by store openings and growth in online sales.
Sales rose 2.1% to £266.7m for the year and the retailer said its ability to offer discounted branded product across a wide product portfolio remained its key strength.
The retailer stocks brands such as Wrangler and Triumph, with discounts of up to 40%, alongside its own-label fashion ranges and homewares, technology and toys.
In accounts filed at Companies House, the retailer said: “During the current period, [TJ Hughes] has performed well in difficult economic circumstances. While the economic outlook remains poor, the company expects to continue the trend of sales growth.”
TJ Hughes, backed by private equity vehicle Silverfleet Capital, cancelled its sale process in June.