TJ Hughes rings up profits growth

DEPARTMENT store chain TJ Hughes grew profits and sales and continued to expand in the year to the end of January, newly-filed accounts reveal.

The long-standing Liverpool-based retailer, which is owned by private equity firm Silverfleet Capital, said profits rose 30% to £6.8m on sales up 2.1% at £266.7m.
The company said it had “performed well in difficult economic circumstances.

It added: “While the economic outlook remains poor, the company expects to continue the trend of sales growth, through new store openings, whilst maintaining gross profit percentage and controlling costs.”

The businesses’ key strength is its ability to “offer discounted branded products across a wide product portfolio”, the directors’ report said.

TJ Hughes, which was marketed for sale a value of around £70m this year, before the process was later shelved, operates 52 stores nationwide. Since the year end it has opened two more shops, in Blackpool and Belfast.

The company  employs 2,030 people, of this number 970 are employed full-time.