Discount department store retailer improves sales

Discount department store retailer TJ Hughes has reported a growth in sales while profit fell into the red.

According to its latest filed accounts for the year ended 31 December 2022, total sales rose 70% to £27.7m from £16.2m in 2021.

TJ Hughes posted an EBITDA of 5.3% for the year, while pre-tax losses amounted to £413,000, declining from its profit of £104,000 recorded the previous year.

Stated within its report, the company said that results were “encouraging” following difficulties caused by the pandemic as it returned to improved levels of trade.

Going forward, “it is expected that trade will continue to improve as shoppers return to the High Street,” the business added.

During the year, company staff numbers reduced from 483 to 403, although its wage bill increased from £2.6m to £4.6m.

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