TJ Hughes back in the black and eyeing expansion
Liverpool discount retailer TJ Hughes has achieved a £2m turnaround in its fortunes, its latest figures reveal.
Parent company Lewis’s Home Retail announced pre-tax profits of £1.37m for the year to January 31, 2018, compared with a pre-tax loss of £714,646 the previous year.
Turnover also increased, from £67.3m to £69.8m, said the company which acquired the famous Liverpool brand, founded in 1912, in 2011.
The chain, which operates 27 stores throughout the UK, also revealed that it plans to expand its portfolio further, despite the current woes of high street retailing.
In a statement, it said: “Although the retail market outlook remains a challenge, the business is well positioned to achieve further growth into new areas in the UK and is continuing its store roll-out programme.
“New stores will be opened where the business is able to negotiate satisfactory store lease terms in attractive locations, consistent with the focus to maintain margins and achieve a satisfactory return on investment.”
It added: “Investment in new warehouse premises and infrastructure, and relocation from the current Liverpool central distribution centre in the early part of 2018, will create strategic opportunities and efficiencies to ensure higher levels of customer delivery performance.
“A combination of the company’s portfolio of diverse, market-leading brands – along with the control of costs and an enthusiastic dedicated workforce – lead the board to the view that the company’s future performance will be robust and rewarding.”