TJ Hughes sees strong growth
DISCOUNT retailer TJ Hughes has recorded a sharp rise in sales as it continues to benefit from changing consumer spending habits.
The Liverpool company, which has some 50 shops nationwide and took a former Woolworths site in Derby last month, saw turnover rise by 9% to £261m in the year to January. Pre-tax profits rose 3.4% to £5.2m.
In recently filed accounts finance director David Williams said TJ Hughes expected to see continued sales growth.
He said: “The company’s ability to offer discounted branded product across a wide product portfolio remains its key strength.”
During the recession value retailers, such as TJ Hughes, have benefitted from customers who have turned towards cheaper prices for quality products.
Director David Williams added: “The current trading year has been a positive one for the group with continued like-for-like sales growth of 8.6% and an operating profit before exceptional items of £4.8m compared with £2.9m last year.”
Founded in 1912, TJ Hughes is owned by private equity firm Silverfleet Capital which backed a £56m buyout from JJB Sports in 2004.
It employs nearly 5,000 staff and has 1.8 million sq ft of retail space selling TVs, household appliances, children’s toys, home and garden equipment, and beauty products.
