Home Bargains has revealed that its sales have smashed £2.5 billion for the first time in a year that has seen the discounter open 26 new stores. The homeware retailer aims to launch up to 1000 outlets.
Parent company TJ Morris said its revenue has risen by 15 per cent to £2.5 billion in the year to June 2019, which means its sales have more than doubled since 2013. Profit after tax reached £184 million against £164 million the previous year.
In addition to net cash of £219 million at the year-end, Home Bargains has over £500 million of freehold property on its balance sheet. Home Bargains currently operates from 506 stores in the UK despite financing its expansion entirely from cash flow. The Liverpool-based retailer has expanded rapidly via out-of-town retail parks in the north and the Midlands, capitalising from a weak lettings market.
