TJ Morris, owner of Home Bargains, has revealed a healthy jump in full-year profits and sales after it opened stores and relocated existing shops.

  • Full-year pre-tax profits jump 17.9% to £147.1m
  • Sales up 15% to £1.47bn
  • Operating profits rise 17.9% to £146.7m

The variety value retailer said pre-tax profits in the 12 months to the end of June 2105 jumped 17.9% to £147.1m. Sales rose 15% to £1.47bn, while operating profits climbed 17.9% to £146.7m.

TJ Morris, which has around 370 UK stores, said in a filing with Companies House that the sales performance was achieved through “the contribution of additional retail outlets opened during the year, shop re-sites and like-for-like growth from existing stores”.

Home Bargains aims to have around 420 stores by next June and is aiming for 700 shops “within the next five years”.

The business is eyeing more sites in the south of England and is poised to open a new distribution centre in Amesbury near Salisbury, Wiltshire. An extra warehouse facility has recently opened at its Axis Business Park site in Liverpool.  

Home Bargains rival Poundland, which recently acquired 99p Stores, last month warned its first-half profits are likely to be down due to tough comparables.