TJ Hughes, a big brand discount department store backed by European private equity firm Silverfleet Capital, has outstripped retail sector performance in its year end results to 31 January 2009.
The 49 store strong chain saw an increase in turnover of 9.1 per cent to GBP261.3m and an increase in Ebitda of 30 per cent on last year to GBP9.2m.
The firm says the increase in sales has been driven by a new band of “smart shoppers” who are looking for branded products at discounted prices.
Sue Tennant, chief executive of TJ Hughes, says: ‘‘We have always had a strong consistent following from our loyal customers, but are now also attracting a different type of shopper who is turning to TJ Hughes because they find high value items at bargain prices. These ‘smart shoppers’ are finding that they can come into our store, or shop online, and buy top brands at reduced prices. Once they realise how much they are saving they don’t want to go back to paying the premium price. This new group of customers is going to stay with us for the long term.”
In the half year ended 1 August 2009, TJ Hughes has recorded positive like for like sales and internet sales growth of over 80 per cent.
TJ Hughes was founded in 1912 in Liverpool and is the only high street department store that offers discounts on all its brands in both fashion and home.
