Liverpool-based discount retailer TJ Hughes will continue with its store roll-out plans after announcing a 27% leap in pretax profits.
Sales leapt to £125.8m from £101.5m for the year to January 29, with profits up to £6.5m, up from £5.1m last time.
The upbeat results follow similar trends among rival cut-price retailers and provide further evidence that discount chains are winning business from middle-priced shops. With middle-ground retailers feeling the competitive pressure, a spokesman said that there are more opportunities to snap up retail sites.
During the year, Hughes opened three new stores in Eastbourne, Wrexham and Middlesborough. Since the year end it opened two stores, in Boscombe and Crawley, while shops in Weston-Super-Mare and Burnley are due to open in the next two weeks giving it a total of 29 stores.
Shareholders will benefit from the leap with a 15% increase in dividend up from 3.88p to 4.46p.
PA News 28/03/00
