'Resilient' TOFS returns to pre-tax profit
With the discount retail sector set to become ever more central to consumer buying habits as the threat of austerity grows, it’s little wonder businesses like variety retailer The Original Factory Shop (TOFS) are recording ever-stronger trading numbers.
The Lancashire-based retailer owned by private equity firm Duke Street said it has made a pre-tax profit for the first time since 2019. Sales for the clothing, beauty, home goods and groceries retailer also jumped by more than £30 million, new accounts have revealed.
Pre-tax profit came in at £6.6 million for the 12 months to 27 March, up from a restated loss of £2.9 million in the prior year. Turnover also jumped to £124.4 million in the period, up from £92 million a year ago.
Newly-filed accounts seen by Business Live also show the brand increased its headcount by almost 50 workers to 1,936 during the year.
A board statement read: "Over the past two years The Original Factory Shop has, like all business, had to adapt to a rapidly changing world. The early part of the year continued to be affected by the ongoing uncertainty and impact of the pandemic.
"As the year progressed we saw the impact of rising inflation on product cost prices and consumer spending. The strength and resilience of the business model enabled us to continue to serve the needs of our local communities.”
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