TJ Hughes claims it's back on track
Discount retailer TJ Hughes has unveiled a pre-tax loss of £730,000 for the 26 week period to 28 July, compared with a pre-tax profit of £2.6m a year earlier.
The company said today that the results had been adversely affected by a stock valuation error earlier this year. The error led to TJ Hughes restating its results, the resignation of finance director Tony Potter and the company fending off a hostile takeover bid.
But today the retailer said it was coming back on track with like-for-like sales up 3.5% in the first six weeks of the second half.
‘Although this is a difficult year for T J Hughes we are confident that our value for money retail formula is robust and well positioned to succeed in what may prove an uncertain economy,’ said chief executive George Foster in a statement.