Discount boom as TJ Morris sales leap to £915m

TJ MORRIS, the Liverpool-based retailer behind the Home Bargains discount stores chain, has reported a 27% leap in sales to £915m.

The family-owned company, which sells everything from food & drink to garden furniture, bed linen and mobile phones from 290 shops nationwide,
saw its profits in the year to the end of June grow by a whopping 41.5% to £84.1m as its scored a hit with cash-strapped consumers.

The group, run by founder and managing director Tom Morris and his son, operations director Joe, recently announced plans to open a 700,000sq ft distribution centre in Amesbury, Wiltshire to assist with its expansion in the south.

In a business review in its annual accounts the company said its growth had been fuelled by new store openings, relocations and like-for-like sales growth.

It added: “Further additions to retail outlets are planned during 2013 which should show further growth in turnover and profitability.”

The company, which now employs more than 8,000 people, has enjoyed the same spectacular growth as arch rival B&M Bargains, which was recently put up for sale by the Arora brothers for around £800m.