Department store retail group returns to profit

The parent group of independent department store retailer Trago Mills has reported a growth in turnover and a return to profit.

According to its latest filed accounts for the year ended 26 December 2021, total sales rose 4.2% to £62.5m from £60m in 2020.

Gross profit decreased from £16.3m to £15.9m, while pre-tax profit resulted at £386,000, up from its loss of £394,000 recorded the previous year.

Stated within its report, the company said that trading had been severely affected in the early part of the year due to the global pandemic, with normal trading commencing in April.

“The policy of importing a higher proportion of goods is a strategy which has continued and is proving successful, although importation costs from the far east are proving challenging”, the business added.

Within the group of four department stores in south Cornwall, south Devon in England, and south Wales, Trago Mills Ltd reported sales of £16.7m, up 2.5% from £16.2m over the period. Pre-tax profit surged from £584,000 to £1.5m.

Meanwhile, Trago Millis (Falmouth) saw sales slip 1.8% to £5.4m from £5.5m, while pre-tax profit resulted at £90,000, up from £21,000. Trago Mills (Merthyr) also saw sales decline slightly by 5.5% to £11.9m from £12.6m. Pre-tax losses widened from £1.8m to £2.3m.

As for Trago Mills (South Devon), its largest division, total sales rose 9% to £32.4m from £29.7m, with pre-tax profit rising from £656,000 to just under £1m.

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