Bushgrove Limited, which operates single price retail outlets trading under the Euro General and Euro Giant banners, posted a 42% increase in turnover in the year to 10 May 2013, to €27.75 million, according to accounts just filed.
However, a 44% increase in cost of sales, as well as higher distribution costs and administrative expenses, meant that the company saw its net profits decline, to €117.2k (from €321.2k a year earlier).
In a statement, the directors said that "During the year, the company opened up 11 new shops, which has allowed it to increase its geographical base. The net profit decreased by 60%, this can be mainly attributed to the initial outlay on costs on the new shops opened, which haven't traded for a full year."
The number of staff employed by the company increased to 290 (2013: 201), as a result of the new openings, with wage costs rising to €4.45 million, up from €3.09 million a year earlier.
As of year end, the company's balance sheet shows net assets of €5.61 million, a 2% increase on the previous year.