Home Bargains has posted robust trading figures after pushing ahead with its expansion plans.
Newly filed accounts for T.J. Morris, the owner of the business, show the discount retailer’s turnover rose 10.2% to £3.77bn over the year to 30 June 2023. The group stated that growth was driven by store re-sites, new openings, and an increased contribution from existing sites.
Operating profits climbed 12.4% to £324m, with the company noting that its financial position had strengthened in terms of net assets.
Home Bargains ended the year with 594 stores, up from 572 in the previous period.
The company confirmed that it planned to continue increasing the number of outlets during its current financial year, with it reiterating its aim to have between 800 and 1,000 stores in the longer term.
NAM Implications:
- Given we are in an era built for discounting…
- …no surprises here.
- The key for suppliers is finding a place in the customer portfolio for Home Bargains long term.
