99p Stores celebrates 14% rise in pre-tax profits

99p Stores has reported “record” annual results as it looks to open 100 new stores over the next two years.

The single price discount retailer said turnover grew by 17% to £270 million in the year ending 31 January 2012. Like-for-like sales rose 3.7% while pre-tax profits increased by 14% to £7.2 million.

99p Stores opened 51 new shops in the year, creating around 1,500 new jobs. In addition, the retailer increased its customer numbers by 25% to around 2 million weekly shoppers.

With current store numbers standing at 194, the retailer said it plans to open a further 100 shops during the next two years and create 3,000 jobs.

99p Stores founder Hussein Lalani said: “Overall these are record results showing we are one of Britain’s fastest growing retailer. And we would like to thank each and every one of our family of two million customers for making this happen.

“Times have changed, spending patterns have shifted – and our record results demonstrate this. The rapid emergence of price comparison sites and fast smartphones is only adding to the awareness of price and value out there.”

99p Stores also operates 27 Family Bargains stores across the UK and plans to double the number of these stores in the next two years.

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