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High Street

Home Bargains 2020 turnover soars to £2.8bn

The group’s profits for the financial year also increased

TJ Morris, the owner of discount retailer Home Bargains, has reported an annual turnover of £2.8bn for the year ended 30 June 2020.

The revenue represents a 13% year-on-year increase as the group’s turnover climbed £321m from its 2019 level.

Operating profits also increased by the same margin for the period, from £231m to £260m, while overall profit for the financial year grew 14% to £210m.

The group said that it is looking to “expand the company’s retail operations throughout the UK by opening new stores”.

While Home Bargains had operated over 525 retail outlets by 30 June 2020, the company said it intends to extend its retail portfolio by the end of FY 2021, eventually reaching between 800 and 1,000 outlets.

Although the results did not take into account the full impact of the global pandemic, the group acknowledged that it has “considered the potential impact” of Covid-19.

It said: “At the time of approving the financial statement, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future.

“No immediate concerns in relation to the company’s long term future have been identified but this area continues to be monitored. The directors are satisfied that the steps they have taken in the short term are appropriate and effective.”

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