Discount department store chain The Original Factory Shop posted an upsurge in profits over the last year with new stores outperforming expectations.
In the year to March 31 sales rose 10.4% as like-for-like sales grew 3.7%.
Pre-tax profit increased 34% as the retailer increased its store portfolio and boosted its online offer.
During the year The Original Factory Shop opened 11 stores and launched a new website. The chain said the new stores have “outperformed the company’s expectations in terms of sales and profitability”. During the current financial year the retailer plans to add a further 12 to its store portfolio.
Chief executive Angela Spindler said: “This has been a great year for The Original Factory Shop, during which we delivered double digit sales growth. Whilst I’m pleased with the results, our customers continue to see pressures in their day to day lives. Our trading across Britain’s small town high streets has been strong as savvy consumers search for quality brands at low prices.”
She added: “The new website has been an essential addition and continues to support our online growth. However, we will always be committed to Britain’s small town high streets, and see further scope for a potential network of 450 stores across the UK over the medium term.”
Earlier this week it was announced that Tony Page, former interim commercial director at cycling etailer Wiggle, would take over from Spindler as chief executive this summer.