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Retail

99p Stores Reports Profit Growth

By square1
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99p Stores Reports Profit Growth

British retail group 99p Stores has reported profit growth as an improvement in buying-in margins and controlling costs helped to being about the positive yearly results.

The retailer posted yearly operating profit of £400,000, up from a loss of £100,000 in the previous year.

Meanwhile, gross profit margin increased to 21.5 per cent from 20.7 per cent.

The retailer trialled coffee offers and bakery products alongside its grocery range, which includes ham, cheese and butter.

In recent weeks, the retailer introduced fresh produce in an attempt to rival the convenience supermarkets.

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A new store format will be rolled out to 60 stores this year with another 90 being fitted out next year.

99p Stores plans to invest around £4m in the business over the next year.

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