Tofs sees sales grow but profits fall in FY17

By

Barbara Santamaria

Published
Feb 21, 2018

Tofs, the discount department store, has seen its revenue near the £200m mark as it confirms the success of its store expansion.

The company, which sells everything from clothing, sportswear, footwear and fashion accessories to electrical and household items, reported a turnover increase to £190m for the year to 2 April 2017, compared to £185m the previous 12 months.

While gross profits were up to £85.5m from £83.5m, pre-tax profits dropped by 33% to £4.74m, reported Insider Media. Pre-tax profits after exceptional items fell to a loss of £2.33m following an inventory clearance and the implementation of a new strategy to eradicate the company of all aged stock.

In July 2017, the business appointed Emma Fox, former commercial director at Halfords, as its new chief executive officer.

She told Insider Media: "Joining the business during what has been a challenging year for retail, I am pleased to report that The Original Factory Shop has grown revenue, and that momentum has been maintained on investing in and implementing the company's growth strategy.

"We have been encouraged by how local communities have welcomed our newly opened stores. It is exciting to have expanded our portfolio to over 220 store locations.

"The directors remain confident that, despite the uncertainty in the UK's retail sector overall, the business is well-positioned to benefit from the opportunities in the value retail sector."