The parent group of independent department store retailer Trago Mills has reported a growth in turnover as sales jumped by more than £20m.
According to its latest filed accounts for the year ended 25 December 2022, total sales rose 32% to £83.1m from £62.5m in 2021, adding to its previous growth of 4.2% from £60m in 2020.
Pre-tax losses resulted at £1.5m compared to its profit of £386,000 recorded the previous year.
Stated within its report, the company said that trading had recovered well from the pandemic, although sales growth was still 1% below pre-covid levels.
“The gross profit margin achieved in 2022 has fallen by 1.2%,” the company said. “Costs have increased 20%, this being a combination of factors including staff costs, recent energy cost spikes and a full years trading and costs.
“The directors are continuing with a strategy to return the business to profit with an aim to increase margin by 2% and increasing staffing during busy trading periods, and also in customer facing roles, this is currently being implemented.”
Within the group of four department stores in south Cornwall, south Devon in England, and south Wales, Trago Mills Ltd reported sales of £21.1m, up 26.3% from £16.7m over the period. Pre-tax profit resulted at £1.1m, down from £1.5m.
Meanwhile, Trago Millis (Falmouth) saw sales rise 31.4% to £7.1m from £5.4m, while pre-tax losses resulted at £112,000, down from a profit of £90,000. Trago Mills (Merthyr) also saw sales grown by 43.6% to £17.1m from £11.9m. Pre-tax losses narrowed from £2.3m to £1.7m.
As for Trago Mills (South Devon), its largest division, total sales rose 32.4% to £42.9m from £32.4m, with pre-tax losses amounting to £321,000, down from its profit of £986,000.