Home Bargains said the positive results were thanks to the expansion of its store estate, the relocation of some premises and improved performance from existing stores.

Home Bargains owner TJ Morris has posted a rise in sales and profit. The retailer said that turnover has increased 10.2% from £3.4b to £3.7b in the year to 30th June, according to accounts filed with Companies House. Pre-tax profits rose 12.4% during the period, up from £293m in 2022 to £332m.

TJ Morris said that the positive results were driven by “opening of additional retail outlets during the year, shop re-sites and an increased contribution from existing stores”. It added: “the balance sheets show the company’s financial position has strengthened compared to the prior year in terms of net assets”.

The company is proceeding with its development plans and said it expects to sustain growth by continuing to “expand the company’s retail operations throughout the UK by opening new stores, continuing to provide its customers with quality products at bargain prices and offering new retail opportunities to customers”.

TJ Morris also stated that the number of Home Bargains retail outlets is set to increase in the year ahead. The company currently operates 594 stores but its aiming to open between 800 and 1,000 retail outlets, which it expects to lead to further growth in turnover and profitability.

Thanks to the increase in sales and profits, owners the Morris family will share dividends totalling £36m, up from £30.5m last year. However, over 2,000 jobs were lost over the last financial year, as overall staff levels were reduced from 28,401 to 26,845.