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PRIVACY
Retail & Consumer

Quality Save slips to pre-tax loss despite turnover passing 拢70m

Quality Save stores are located across the North West and Yorkshire

Quality Save is headquartered in Greater Manchester(Image: Manchester Evening News)

Discount stores chain Quality Save slipped to a pre-tax loss during its latest financial year because of the Covid-19 pandemic, despite its turnover passing the £70m mark.

The Swinton-headquartered company has posted a loss of more than £64,000 for the 12 months to the end of March 31, 2021, compared to a profit of £1.3m in the prior year.

Newly-filed documents with Companies House also show its turnover increased from £66.7m to more than £70m over the same period.

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A statement signed off by the board said: "This turnover was achieved despite the issues arising from the pandemic and demonstrates the strong demand for the goods sold by the company.

"The pandemic and change in consumer habits has reduced the value of retail property and the directors have revalued the property assets to reflect this.

"The directors note this revaluation does not have any impact on the cash position of the company which remains strong.