Record profits for TJ Morris

DISCOUNT retailer TJ Morris has unveiled record trading figures for the year to June 30.

Turnover at the Liverpool-based firm, which trades as Home Bargains, increased by 22% to £721m, while operating profits climbed 24% to £59.5m.

The company also opened over 30 new stores during the year, taking its total number of UK sites past the 250 mark.

Operations director Joe Morris said: “We’re delighted with the year’s results. While the discount sector has seen continued growth, competition has increased dramatically.

“The sector as a whole has seen a drop in margins, but we’ve managed to maintain our position. This has been achieved through continuous improvement in everything we do, significant re-investment and hard work.”

TJ Morris, which is majority owned by Tom Morris, plans to double store numbers over the next five years, which could lead to the number of employees increasing to up to 12,000.

The company also recently launched an e-commerce site, homebargains.co.uk, in July.