Value retailer reaches £1bn sales as more stores planned for future

Value retailer The Range has reported a surge in sales as turnover surpasses the £1bn milestone.

According to its latest filed accounts for the year ended 2 February 2020, total sales rose 6% to £1.001bn from £945m in 2019.

Gross profit jumped from £355m to £385m, while pre-tax profit resulted at £42.7m, down 39% compared to its profit of £71.1m the previous year.

Stated within its report, The Range said that its sales growth of £58m was largely driven by the opening of 20 new stores during the period, bringing its total number of stores to 181.

Looking ahead, the company aims to continue to develop its chain of retail shops in both the UK and Ireland and confirmed it is well placed for future growth despite ongoing market uncertainties.