Discount department store operator TJ Hughes has reported a 9.1% increase in turnover to £261.3m in its full year results.
For the year to January 31, TJ Hughes reported a 30% increase in EBITDA to £9.2m. The 49-store retailer – backed by European private equity firm Silverfleet Capital – said its strong sales are being driven by what it calls ‘smart shoppers’ – those seeking branded products at discount prices.
TJ Hughes chief executive Sue Tennant said: “We have always had a strong consistent following from our loyal customers, but are now also attracting a different type of shopper who is turning to TJ Hughes because they find high value items at bargain prices.
“These ‘smart shoppers’ are finding that they can come into our store, or shop online, and buy top brands at reduced prices. Once they realise how much they are saving they don’t want to go back to paying the premium price. This new group of customers is going to stay with us for the long term.”
In the half year to August 1, TJ Hughes said it reported positive like for like sales and internet sales growth of over 80%.
Tennant said: “Our business has huge untapped potential and we are committed to investing in the next stage of our growth, with more sales and a bigger internet offering.”