Home Bargains

Home Bargains has seen double digit growth in turnover and soaring profits as it added more stores to its estate in its latest financial year.

Turnover in the year to 30 June 2024 grew by 11.7% to £4.2bn while operating profit soared by 34.2% £434m.

The growth in turnover was achieved by opening new outlets, relocations and increased contribution from existing stores, according to newly published accounts at Companies House for TJ Morris, which trades as Home Bargains.

The variety discounter ended the period with 617 retail outlets, 23 more than a year earlier.

The workforce expanded by 1,500 to 28,100, including 1,200 additional retail staff.

Home Bargains’ estate expansion continues, with 31 new stores opened in the 2024 calendar year, including four in November – in West Drayton, Breightmet, Norwich, and Sheerness – according to recent posts by the retailer on LinkedIn.

“As 2024 comes to a close, we’re reflecting on an incredible year of growth, teamwork, and milestones,” the retailer wrote.

Read more: Home Bargains snaps up variety discount chain Quality Save

The long-term goal remains to grow the store estate to between 800 and 1,000 outlets, with more openings planned in the year to 30 June 2025, according to the company’s accounts.

Home Bargains is also set to open a new “highly automated” one million sq ft distribution centre at Omega Business Park, St Helens, Merseyside, in spring this year, in a £400m investment.

Read more: Home Bargains’ Joe Morris launches automated warehouse tech business

Up to 80% of all stock picks will be automated at the site, which will service 300 stores and employ over 850 workers.

Home Bargains has partnered with order picking technology provider Witron to enable the high level of automation at the site. The partnership “will create the most successful and advanced automated logistics operation in the UK”, according to Home Bargains.

The retailer has existing regional distribution centres in Amesbury, Cumbernauld, and Liverpool.

Where Home Bargains opened new stores in 2024:

1. Sale

2. Darlington

3. Portsmouth

4. Middelton

5. Bentley Bridge

6. County Road

7. Droylsden

8. Stretford

9. Cumbernauld

10. Widnes

11. Thurrock

12. Dewsbury

13. Swadlincote

14. Bodmin

15. Maidstone

16. Alton

17. Hyde

18. Bishop Auckland

19. Edinburgh

20. Gillingham

21. Colchester

22. Warrington

23. Dingwall

24. Leeds

25. Plympton

26. Pembroke Dock

27. Faversham

28. West Drayton

29. Breightmet

30. Norwich

31. Sheerness

 

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