Original Factory Shop profits up 30% in first half
Discount retailer Original Factory Shop saw its like-for-like sales rise by 5.8% in its first half as a 25% rise in sales of homewares, hardware and electrical items boosted trade.
In the 26 weeks to 30 September, total sales increased by 13.6% while pre-tax profit grew by 30%. The company said that its best selling products included Vax steam machines and and Tefal products.
Commenting on the results, chief executive Angela Spindler, said: "People are not looking for cheap things, they are looking for quality products at good prices. Our model thrives in towns that are under-served. We usually open in a boarded-up store, petrol station or nightclub."
Original Factory Shop opened 10 new stores this year. It now operates 183 stores and aims to build the total to 450 during the next six years.
The company is also growing its online offering by launching an improved website later this month.
Spindler added: "Our online offer has gone from strength to strength and the improved transactional website will continue to support our online growth."
Regarding the outlook for the rest of the year, the company said: "We anticipate a good Christmas and look forward to continued momentum and growth in the remainder of the year."
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