TJ Morris, which trades as Home Bargains, has recorded a pre-tax profit jump of 31% as it opened stores and recorded like-for-like growth.
TJ Morris revealed in documents filed at Companies House a pre-tax profit of £110.9m for the year to June 2013 from £84.2m the previous year.
Sales in the period surged 16% to £1bn from £915m last year. Meanwhile, operating profit increased to £110m from £84m last year.
The 300-store value retailer and wholesaler said the sales increase was driven by new stores, shop relocations and like-for-like growth.
It added: “Further additions to retail outlets are planned during 2014, which should show further growth in turnover and profitability.”
Last week Retail Week revealed that Home Bargains plans to open another 400 stores across the UK in the next five years. It is building a £70m distribution centre in South Wiltshire to support the stores, which will be focused in the south of England.