Discount retailer Quality Save returned to the black as its sales jumped ahead of being acquired by Home Bargains, new figures have revealed.
The business has reported a pre-tax profit of £3.4m for the period from April 1, 2021, to June 30, 2022, compared to a loss of £64,468.
Quality Save's turnover also increased from £70m to £84.3m over the same time.
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During the period Quality Save reduced its headcount from 671 to 599.
The results come after Liverpool-headquartered Home Bargains bought the business for an undisclosed sum in January this year.
Quality Save was founded in 1974 by Bob Rudkin on a market stall in Walkden and a small store in Farnworth.
A statement signed off by the board said: "The turnover was achieved despite the issues arising from the pandemic and demonstrates the strong demand for the goods sold by the company.
"The company operates in a competitive market and the directors are pleased the overall gross profit percentage was 23% in 2022 compared to 23.97% in 2021.
"The pandemic and change in consumer habits has reduced the value of retail property, however the directors do not think that any further impairment is required.
"The directors note that revaluations do not have any impact on the cash position of the company which remains strong."
