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Home Bargains turnover boosted by estate growth amid pandemic

Operating profit also rose 13%, to £261m. The accounts put turnover growth down to new stores as well as relocations and improving sales at existing branches. The business had 525 retail outlets at the end of the period, up from 506 12 months earlier. “Further additions to retail outlets are planned during the year to 30 June 2021, which should lead to further growth in turnover and profitability,” said the accounts, reiterating the long-term goal of 800-1,000 stores “eventually”. GlobalData analyst Jonathan Rock said: “Home Bargains’ strong results bodes well for its performance in the pandemic, as this period included the devastating initial lockdown period. “Its online platform grants it a significant advantage over rival B&M, and may have helped it achieve similar levels of runaway success that B&M has enjoyed throughout the pandemic.

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