New store openings help Home Bargains reach £2.8bn in turnover

Home Bargains is set to close all its stores on Boxing Day and New Year’s Day to thank staff for their hard work.
Home Bargains has more than 500 stores across the UK.
// Home Bargains turnover rises 13% to £2.8bn in the year to June 30, 2020
// Operating profit rise by 13% to £261m during the period
// The business had 525 retail outlets at the end of the period

Home Bargains has witnessed a 13 per cent increase in its turnover to £2.8 billion in the year to June 30, 2020.

The retailer also saw its operating profit rise by 13 per cent to £261 million during the period.

The accounts attribute turnover growth to new stores as well as relocations and improving sales at existing branches.

READ MORE: Police called to Home Bargains’ South Shields store over social distancing row

The business had 525 retail outlets at the end of the period, up from 506 a year earlier.

Home Bargains has been pressing on with its store opening programme during the latest lockdown.

The most recent to open in Twickenham features a “new format” with “different ranges and narrower aisle widths to try and maximise every inch of space”, senior store development manager Paul Cooney said.

The company was hit with exceptional costs relating to Covid-19 of £14.4 million in the year to June 30, 2020.

Gross profit was £886 million, up from £778 million, while profit before tax was £263 million, up from £233 million the previous year.

The business employed an average 25,300 during the period, 2500 more than the previous year, with about 2000 of the new jobs in retail and the rest in warehouse and office roles.

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