T J Morris, trading as Home Bargains – has moved up to second place on The Grocer’s 50 Largest Independent Grocers list 2009, this comes as the company announces 25% increase in sales compared to the same period last year.
The Grocer, the leading industry publication, also confirms that T J Morris – one of the fastest growing retailers in the UK – is the most profitable of any of the listed grocers by an impressive margin. The retailer actually holds one third of the entire profit of the sum of the companies on the list.
The Liverpool-based company intends to double its business in the next three to four years. By 2015, it expects to hit its billion pound turnover target; grow the number of stores nationwide to 350 stores – with the potential for 600 across the UK; and employ more than 10,000 staff.
Over the next six months, the company is investing £15 million in opening 30 new stores across the country, creating 1200 new jobs for the UK. Work is almost completed on the company’s £35 million distribution centre at the Axis Business Park in Liverpool – which will enable it to grow its 170-strong store network and further increase its turnover and create 800 new jobs for Merseyside.
Joe Morris, operations director at T J Morris, commented: “We’re very pleased to have moved up to second in this list of leading British grocers. We’ve got ambitious expansion plans for the business and are confident of improving our turnover and profits again this year.
“Our position in this list is testament to the hard work that all our staff have put in over the past few years to move the company forward and facilitate our rapid expansion and growth.”
Financial year end results for 2008 indicated that TJ Morris is thriving. The company’s operating profit reached £34.7 million – a £5 million increase on 2007 figures. Turnover has also demonstrated impressive growth. Sales currently stand at £383 million, up from £322 million in 2007.
Morris continued: “We do want to show that it isn’t all doom and gloom in the UK economy at the moment. As a company, we’re working very hard to not only create new jobs and opportunities, but also to offer people branded goods at bargain prices.
“Although we must remain cautious as the recession continues to bite, we intend to follow a rapid expansion plan in order to grow the business and increase turnover again in 2009. We remain on track for generating turnover of £1 billion in the next seven years.”
T J Morris’s acceleration in growth comes as a number of major high street retailers announce slumps in sales, shock profit warnings, and sliding share prices. The company recently bought 14 Woolworths stores, increasing its planned growth considerably.