Home Bargains increased turnover and pre-tax profits during its latest financial year, despite paying out more than £14m because of the Covid-19 pandemic, as the retail giant continues plans to almost double its number of stores.
Newly filed accounts for TJ Morris, which trades as Home Bargains, show the Liverpool-headquartered retailer achieved a turnover of £2.7bn for the 12 months to 30 June 2020, up from £2.4bn during the prior period.
The company said the rise in turnover was due to the opening of new stores during the year, relocating shops and an increased contribution from current sites.
Its pre-tax profits also grew from £232.9m to £262.7m.
In documents filed with Companies House, the company said it is aiming to eventually have between 800 and 1,000 stores and employ 40,000 people.
At the end of the financial year, the business had 525 stores, with further sites planned for its current period which it said would lead to further growth in turnover and profits.
TJ Morris paid out £14.4m in the financial year to deal with the effects of the Covid-19 pandemic while its interest income grew from £1.8m to £2.7m and its rental income from investment properties increased from £5.6m to £6.6m.
The total number of employees also rose in the year from 22,816 to 25,279.
The company added that its balance sheet shows that its "financial position has strengthened" compared to the prior year in terms of net assets.
The business was founded by Tom Morris more than 40 years ago.
